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re: Owner financing
Posted on 9/28/14 at 10:54 am to ItzMe1972
Posted on 9/28/14 at 10:54 am to ItzMe1972
I was under the impression that the mortgage company would have to know about it.
We are less than thrilled with our agent. She was pretty confident that it was priced right from the beginning, since then we have dropped the price a good amount without much action.
We started looking into renting again and were approached with a question as to if we would owner finance.
I knew nothing about this, but after some research, i am intrigued.
We won't go any lower than the current price so I am trying to decide between just renting it or exploring the owner finance option.
We've only owned the place for 5 years.
We are less than thrilled with our agent. She was pretty confident that it was priced right from the beginning, since then we have dropped the price a good amount without much action.
We started looking into renting again and were approached with a question as to if we would owner finance.
I knew nothing about this, but after some research, i am intrigued.
We won't go any lower than the current price so I am trying to decide between just renting it or exploring the owner finance option.
We've only owned the place for 5 years.
Posted on 9/28/14 at 9:01 pm to geauxtigers8482
Pretty much any mortgage written in the last 10 years at least is going to have a due on sale clause that could be triggered by a bond for deed / wrap mortgage / owner finance situation. Generally, the bank finds out when the homeowner's insurance is switched to a dwelling-only policy that lists the new people as an additional insured.
The reality is, if all the terms of the mortgage are being met, does the bank really want to call a mortgage that is performing? Especially as they are still trying to deal with the overhang of foreclosures?
I would say it is a low risk, but still a risk.
The reality is, if all the terms of the mortgage are being met, does the bank really want to call a mortgage that is performing? Especially as they are still trying to deal with the overhang of foreclosures?
I would say it is a low risk, but still a risk.
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