Mortgage agreements

3 Replies

Can someone help me understand what clauses are in a mortgage agreement between the bank and their borrower? Do clauses differ from bank (U.S. Bank) to bank (Bank Of America)? Does location of the same bank (Wells Fargo with one in California and the other in New York) have different clauses in the mortgage agreement?

In most places are all generally the same.  You can read recorded mortgages online in most places.  Any particular reason for the question?

Originally posted by @Wayne Brooks:

In most places are all generally the same.  You can read recorded mortgages online in most places.  Any particular reason for the question?

 Im dealing with getting pre-foreclosures under contract to wholesale them. So Im asking because I want to know what Ill be dealing with concerning the bank and the process when the time comes. Im wondering if the bank would even accept a "subject to" contract and if there is something in there clause to prevent it.

All mortgages have a due on sale clause.  You generally won't get a bank to "accept" a sub2 purchase.  If you do a sub2 you'll have to come up with back payments, and other fees, to bring the loan "current".  Of course, of there's no equity it doesn't make any sense.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.