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due on sale: Compulsive-Obsessive Disorder or Valid Concern?
- 11/09/11 05:53 PM
What is YOUR take on brokering property "subject to" existing loans which have a due-on-sale clause (for a long-term hold)?
It has gotten to the point that I am beginning to see FRANCHISES, for goodness' sake, for specializing in these kinds of deals.
Some local lenders are trying to endear themselves to Realtors by giving classes in taking long-term title to properties subject to existing loans (again, loans that have due-on-sale clauses, as permitted by federal law... Garn St. Germain, in particular).
In short, the practice seems widespread...
As a practical matter, per federal law, an option longer than 3 years, or an … (4 comments)
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What is YOUR take on brokering property "subject to" existing loans which have a due-on-sale clause (for a long-term hold)?
;)
;)
