Updated about 17 years ago on . Most recent reply
Hypothetical Scenarios
Let's say I'm selling a house with an existing mortgage as a wrap.
1. The owner stops making the payments - Who is responsible for the mortgage - Me? If so how do I get them out of the house?
2. The Due on Sale clause is evoked. Who is responsible for the balance - Me? If so, how do I get the buyer to pay up and/or get out? How does the buyer rapidly refinance to pay off existing mortgage? Would I have to provide proof that buyer has sufficient equity?