Posted by Alex on April 05, 2005 at 13:48:37:
Thank you for your reply.
No, they did not give me any reasons, the letter just presented the changes and asked to sign and mail back to them. I’m really disappointed in the bank, it took us about 4 months to close because they were making mistakes and requesting new info one by one instead of having a list of thins they need the first time.
Alex.
Property transfer problems - Posted by Alex
Posted by Alex on April 05, 2005 at 24:15:09:
A few month ago I purchased a property under my name with plans to transfer it under my LLC’s name later. The deed has a paragraph about transfers basically saying that the lender may choose to declare the loan due and payable on such transfer. Would this normally mean a problem to do transfers or this is a standard paragraph most deeds have?
Further, a few days ago I received a letter from the lender containing changes to the paragraph where they added more restrictions and regulations plus about $7k in fees for such transfers. They are asking me to sign and mail it back to them.
I’ve never done a transfer before, so I’m not sure how ‘normal’ it is for a lender to act this way and charge such fees. Does this happen a lot?
I’m a bit shocked by the whole thing, the way I see it, we agreed on one thing by signing the deed and now they are trying to change the agreement on me for their own benefit to get even more of my money. What if I just ignore the letter? Can they change the deed without me agreeing?
And unfortunately there’s a prepayment penalty on the loan, so I cannot just walk away from them.
I appreciate any insight and advice.
Thank you,
Alex.
Re: Property transfer problems - Posted by River City
Posted by River City on April 05, 2005 at 06:53:50:
The due on sale clause is standard. Them asking you to sign something changing the language is not normal and if it were me, I would not sign it. Did they give you a reason for the change in the language?