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Beware of the Due on Sale Clause

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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.

Originally posted 2009-03-19 10:06:35. Republished by Blog Post Promoter

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Serena Brown is broker and owner of Taylor-Brown Real Estate. She is the author of this blog. She has also co-authored a book entitled Should I Short Sale My Home. She has authored a e-book How to Sell My Home. She will be authoring a book on real estate investing by April of 2010 and several reports. She has dual degrees in Business Administration and Electronic Engineering Technology. She prides herself on being up to date on all trends, news, and education related to real estate to include short sale, loan modification, etc. She also makes sure her clients are abreast of how these changes will affect them financial. Therefore, stay tuned for great information in 2010.
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15 Responses to Beware of the Due on Sale Clause

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  11. Elroy Viers says:

    I wanted to say that it’s nice to know that someone else also mentioned this as I had trouble finding the same info elsewhere. This was the first place that told me the answer. Thanks.

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