Posted on: 11th Nov, 2011 12:34 pm
I have an odd sitution I am hoping to get help with. My Aunt had a loan foe $200,000 on a home. She quit claimed it to my Cousin and was somew able take her name off the Title and add my Cousins to the title but not the Mortgage. My Cousin has, been paying the Mortgages that are in her moms name for a couple years, with no problem. My Cousin wants to put a large amount down and pay off most of the Mortgage. I do not think she should do this as there is a Due on Sale Clause and at anytime if the lender discovers the property was cancelled the loan coulld be called.
My cousin does not have good credit or a job history so a Purchase or regulat loan is not an option.
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My cousin does not have good credit or a job history so a Purchase or regulat loan is not an option.
[size=9:672de91d33][color=Red:672de91d33][Email address deleted as per forum rules. Thanks.][/color:672de91d33][/size:672de91d33]
Welcome LeslieR,
As there is a due on sale clause mentioned on the mortgage docs, your cousin shouldn't put a large sum of money down now. It will be better for him/her to pay off the mortgage on a monthly basis.
As there is a due on sale clause mentioned on the mortgage docs, your cousin shouldn't put a large sum of money down now. It will be better for him/her to pay off the mortgage on a monthly basis.