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The dreaded DUE ON SALE CLAUSE! In this video I call the bank LIVE to find out what that means and how to get out of it.
In the end I avoided having to pay the note back at all! In fact I was able to get clear instructions from the bank on what they needed to resume the payments as normal. A simple contract for deed!
Roughly ~2% of all subject to property notes get called due, and this was my first time. With this information from the lender I was able to do a contract for deed with the title company, sent the documents to the lender... and BAM - good as new!
I resumed my monthly payments as if nothing ever happened. The due on sale clause can be scary but remember - there is a solution for everything if you stay calm.
5
88 ratings
The dreaded DUE ON SALE CLAUSE! In this video I call the bank LIVE to find out what that means and how to get out of it.
In the end I avoided having to pay the note back at all! In fact I was able to get clear instructions from the bank on what they needed to resume the payments as normal. A simple contract for deed!
Roughly ~2% of all subject to property notes get called due, and this was my first time. With this information from the lender I was able to do a contract for deed with the title company, sent the documents to the lender... and BAM - good as new!
I resumed my monthly payments as if nothing ever happened. The due on sale clause can be scary but remember - there is a solution for everything if you stay calm.
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