I have a homeowner in Northwest Dallas who owes $132K but the comps are around $109K. I know I can not make a cash offer so what are my options? I have been told by a cash buyer that taking over payments is illegal.
I was told to read up on WWW.Notecircle.NET. "A Lender may, at its option, declare immediately due and payable all sums secured by the Mortgage upon the sale or transfer, without the Lenders prior written consent, of all or any part of the Real Property, or any interest in the Real Property. A reading of the language shows that the term, due-on-sale is misleading. In fact, the mortgage may be called in if there is any transfer of any interest in the real estate, and not just a sale of the property." I am reaching out to you guys since the local assistance rearely call back. Help a wholesaler out!
Thank you,
Patrick
