Beware of the Due on Sale Clause
December 4, 2011 by admin
Filed under mortgages, real estate info
Originally posted 2009-03-19 10:06:35. Republished by Blog Post Promoter
Recently, I found an article, http://realestate.bryanellis.com/25/land-trusts-misunderstood-misapplied/, that a homeowner/investor needs to be aware of if the homeowner/investor is planning to lease option or do a contract for deed on his or her property.
The due on sale clause is a clause that precludes a homeowner/investor from allowing a buyer/leasee to assume the mortgage. If you are planning to use a lease option or contract for deed read your mortgage to ensure that this clause does not exist. This clause will cause the mortgage company to foreclose on your property if you utilize the lease option or contract for deed without getting consent from the mortgage company, so seller beware.  The good news about this clause though is that it may not be part of your mortgage due to the low interest rate, but it is important to make sure that you are not in violation of the clause before you do the lease option/contract for deed.
The due on sale clause may not affect you, but it very important to be aware of the possibly of this clause due to the greed of the mortgage company, so please read your mortgage before you sign.
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