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Updated over 10 years ago on . Most recent reply

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122
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33
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Kevin Nichols
  • Investor
  • Rock Hill, SC
33
Votes |
122
Posts

Bank calling in loan - owner financing

Kevin Nichols
  • Investor
  • Rock Hill, SC
Posted

My bank, BB&T, is calling in a loan on our office condo because we're selling it and owner financing it. 

Is there any way to convince BB&T to continue the mortgage? They said it because of the deed change.

Most Popular Reply

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435
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198
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Bill P.
  • Investor | Syndicator | Instructor
  • Cincinnati, OH
198
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435
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Bill P.
  • Investor | Syndicator | Instructor
  • Cincinnati, OH
Replied

@Kevin Nichols 

May I ask why you asked them? They are legally obligated to say "NO". And they can't call in the loan until an actual sale transpires. You have to be very careful with this one as they are probably on the lookout for a transfer. If they call the loan, it will be your credit report that is hurt and the buyer's equity that will be put at risk. You need to tell the buyer of this situation for full disclosure before anything is consummated.

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