Compare Mortgage Quotes

jenierman · Joined: 16 Sep 2009 Posts: 1 1.31 Dollars($)

We would like to owner-finance a property on which we have a mortgage. The document says that if we enter into an installment agreement with someone with intent to transfer the title without the mortgage company's written consent then the mortgage company can demand full payment for the mortgage. There is a disclaimer about only being able to invoke this within the law. Does the law in Texas allow for immediate demand if we owner-finance and transfer the title?

adonis · Posted: Wed Sep 16, 2009 7:51 pm Post subject:

Hi jenierman,

If such a clause is mentioned in the agreement, then you will have to follow it. The lender can demand the full payment of the mortgage if the title of the property is transferred to someone else without the lender's permission. You can inform the lender about owner financing and check if he gives you a written consent.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Is the early payment penalty legal in Texas.