I was going through a ton of Dodd Frank forums and it was just all over the place so I figured to get very specific on a simple scenario to get feedback.
You "qualify" your buyer.
There should not be a balloon in the note (meaning it must be fully amortizing)
Scenario: I locate a house, let's say $150,000 ARV it has $35,000 in equity, needs no work, seller decides to get rid of it for $115,000. I decide to take over his mortgage subject to his original financing. I simply take over the deed/note, start making payments on behalf of the seller and have conditions/exit strategies in place just in case the due on sales clause (DOS) clause is exercised to prevent the original seller from facing a financial crisis if it defaults. (Either sell it, assign back to owner, etc)
First what the heck is it?
Let me know if you have additional questions.
If in the future you are considering selling thathouse using owner financing,rent to own or a land contract;you need to followthese three criteria:
Should I be concerned with any language in Dodd Frank? Nike Pink Jackets Or is this more of an issue with Lease Options where credits are being applied to the purchase price of the mortgage on the option to buy.
Remember, you should consult with a qualified attorney in your state whenever you sell a houseusing any type of creativefinancing.
All the above is correct re DF here's how to protect the buyer and seller and minimize the risk with Sub2
deals with respect to Dodd Frank. I downloaded the law, it's huge, and will eventually pierce through it but very congested so I figured I'd ask the question in this forum.
The Dreaded Due on Sale Clause.
A little history lesson
Hope this helps Nike Windrunner Red And Orange
parties were so upset that they were getting stuck with low interest rates, missing out on taxes, assumption and other sale fees, that lenders started adding due on sale acceleration clause to their contracts.
Hey guys, I'm really hoping for some simple advice on a simple scenario when discussing subject to Nike Women Tracksuits
The interest rate is fixed for at least five years, and
It's a clause in a mortgage, which provides that at the option of the lender, the entire unpaid balance of the loan is due and payable immediately upon failure to make required payments or upon sale of the property. Also know as an acceleration clause.
What the Dodd Frank Act does is provide protection to a buyer who is being foreclosed or evicted after they bought a house using any type of creative financing (land contract, rent to own, owner financing, etc)
Well, in the early 70's banks, lenders, state governments and other interested Nike Jackets Images
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