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     | Thursday, December 02, 1999 - 05:02 pm  About 18months ago my mother quitclaimed her property to me. She still owes and the mortgage but her credit is less than perfect. She has asked me to either try to refinance for her or take a loan on the home so she can use the funds to pay off her creditors. A friend of mine says that if the mortgage company finds out the can call on the loan and demand full payment. If that is the case what recourse would I have to save her home. Thanks
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| | Friday, December 03, 1999 - 07:02 pm Monica, Your friend may be right. Usually there is a "Due on Sale" provision included in the terms of the mortgage. This has not always been the case though (her mortgage may be old enough to not have that language). If it does have a "due on sale", then the lender would probably have the right to call the loan. The reality of the situation is that if payments are being made on the house, the lender is far less likely to use that option. You may have the option to structure your transaction as a refinance. This will benefit you by allowing you to use the equity in the property for ltv rather than a cash down payment. I think your chances are better that way than a second mortgage with title being questionable. Email me if you want to discuss the particulars. David Bronson http://easy203k.com My opinions are my own. They are not necessarily those of my employer.
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| | Monday, January 03, 2000 - 03:55 pm I am interested in buying a home through a foreclosure sale. If there are three leinholders, and the senior leinholder is the one who is foreclosing,and I outbid him, am i responsible for paying off the other leinholders whether or not they have also foreclosed? Where can I go for this information. I do not want to go through a title company.
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