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Assignments In States

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A local real estate attorney.

 

Are assignments illegal in some states???

 

Also for the group, if the seller has a "owner occupied" loan, how can they lease purchase the home without the bank taking the note back?

 

Akin

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Are assignments illegal in some states???

The cover my rear answer is check with a local real estate attorney to verify they are legal in your state. You should never use a legal form without having it checked out.

 

Creative Real Estate is being done -- legally -- in all 50 states.

 

Also for the group, if the seller has a "owner occupied" loan, how can they lease purchase the home without the bank taking the note back?

The "owner occupied" loans generally state that they must physically live in the house for a minimum of one year. After that they can do a lease purchase without being in default of the terms on the loan.

 

Does that mean that the bank will NEVER use the Due on Sale clause to take back a property? No. However, as long as the bank is receiving the mortgage payment on time, it is highly unlikely that they would do so. Banks are in the business of making loans, not selling real estate or being a landlord.

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The "owner occupied" loans generally state that they must physically live in the house for a minimum of one year.

 

Kim sorry if I am splitting hairs but, I think the wording is more of the intent to stay for a year, not must. Being in the military (moving often....ah hearing of other people moving often) you make sure of the loopholes.

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Aw, Tony, come on, I qualified must with generally. Besides, I haven't seen either must or generally defined on this forum! :lol: ...Seriously, I didn't want to give the impression that it was okay to get an owner occupied loan and decide a month down the road to lease option the property.

 

In times such as these I would certainly hope exceptions would be made for military families, but that doesn't mean that those same exceptions would be made for non-military families.

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yeah I think I opened a can a beans that I shouldn't have. Mortgage Fraud is not what you want to get into but, there are reasons it can be done (you just better make sure yours is one).

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email is quick and cheap, although they are more apt to look at if you are there. Just explain your situation....

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