Bank called my Due on Sale Clause
Hi, I have been researching creative investing methods for a while now. Through all of the posts and articles many claim that that banks do not call the loan due if the payments are made and the loan is performing.
I recorded an Agreement for Deed with the city on my first wrap around mortgage transaction earlier this year. Everything was smooth sailing until I applied for a new loan on another deal with the same lender. And here comes an email that I have 30 days to pay off the loan that is being violated with the said transaction.
My very first attempt at this interesting strategy and the worst case scenario. Needless to say I will put that strategy to rest and would like to just put it out there that this happens so please have necessary funds to pay off the loan stashed in a separate account just in case. But doing that I guess defeats the entire purpose of this endeavor.