Lyn Green
Does my Rider delete my "due on sale" clause"?
In reading my 1993 fixed/adjustable mortgage note (5/1) I have the standard paragraph 11 "Uniform Secured Note" statement that can trigger a "due on sale" clause. It reads "If all or any part of the property or any in...
Karl Eisenhofer
Security deposit compliance in Maine
Maine law states that security deposits must be held under terms that make the funds protected from bankruptcy and judgements against the landlord. Talking with my bank, they offer escrow accounts where funds belong t...
Nigel Johnson
Reverse Mortgage: Subject To
A lady called me with a nice house in a nice neighborhood that she wants to sell for what she owes which is $108k, and it is worth $150k. It needs no repairs, since her son is one of my best contractors who told her t...
Drey Taylor
Residential Lease Question
Hello,
I have a rental property that I recently purchased and took over from a property management company. My question is regarding the current lease with the existing tenant, which is a Texas Association of...
Eric Yu
Used HELOC from Main house to buy first rental property.
Hello BP community!I recently used HELOC from my residence to purchase a rental house. Seller accept offer at 10/20, but it looks closing date will after 1/1/2019. Obviously, HELOC interest start from Nov., there are...
Michael Plaks
Refinanced interest - is it tax-deductible?
This post is meant for my accounting colleagues - an invitation to debate, basically.Let's consider scenarios.1. (clear) You buy a rental with a $100k loan. Two years later, you refi into a new $100k loan with better ...
Andy Cross
Getting Around "No Assignability" C.A.R. Purchase Agreement
Hello everyone,No offense to Realtors on BP, but I've got to ask this question of my investors in California.In CA, the California Association of Realtors Purchase Agreement has a "no assignability" clause in the cont...
Chad Skiles
What does in this blank?
On one of my purchase contracts, I have this paragraph: The Seller, at his option, agrees to furnish the Buyer, either a complete abstract of title certified to date, or a title insurance company's commitment to ...
Account Closed
A Good Template for Multifamily Resume for Lender
Hello everyone,CBRE is processing a loan for me and has asked me to put together a company resume. I have put together personal resumes in the past, but have a feeling that this may have a different format. Would anyo...
Katia Celifie Aime
Who signs the mortgage papers when their are LLC partners?
If an LLC has three partners, do all three have to sign for the mortgage. What are legal ramifications if only two sign?