Enforcing the due on sale clause?
Written by on June 29th, 2009
I have been looking at preforeclosure investment as a way to make a profit by stopping the foreclosure of a family home. Other than a sale at a discount, if the seller has some equity and its a price appreciating neighborhood; and trying a short sale if the lender can be convinced to discount the loan, the only other strategy I can think of is a “subject to” where I take over the seller’s primary loan. Does any one know if lenders as a principle will act on that clause or are they more flexible this year?
By: InvestorPete
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Tags: Act, Neighborhood, Short Sale
June 30th, 2009 at 9:03 pm
If they find out it is family, it will not be considered an arm’s length transaction. Lenders are tightening up, not loosening their terms.