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Old 08-31-2008, 11:09 PM   #1 (permalink)
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Buying property – “due on sale” bank clause

Someone told me that I could buy a property “subject to” the existing loan. That the seller could just deed the property to me and I could take over the payments. Is this legal and what will the bank do when they find out? What about the “due on sale” clause? Can anyone help me on this. It sounds like an incredible way to buy property, but I don’t particularly want to go to jail.
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Old 09-02-2008, 11:34 AM   #2 (permalink)
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Quote:
Originally Posted by stephan_fred View Post
Someone told me that I could buy a property “subject to” the existing loan. That the seller could just deed the property to me and I could take over the payments. Is this legal and what will the bank do when they find out? What about the “due on sale” clause? Can anyone help me on this. It sounds like an incredible way to buy property, but I don’t particularly want to go to jail.
Spammer dude, you've already hit us with this 'question'. This is a waste of good spam, Sam I am.
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