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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Don't lose any sleep over this one... Posted by Ward-CA- on August 24, 2003 at 7:03 AM In Reply to: woman crazy... deal posted by g.castro on August 21, 2003 at 5:13 PM : Ward, I bought a property subject to, via a Trust, and everything was going smooth, but after I reinstated the loan, and the deal was done, the Seller, (crazy woman)is threatening me saying that she will tell the bank that there was a sale involved, so that they can foreclose on me, if I don't give her another $10,000. I Told her that she could go ahead and tell them if she wanted to, since I can qualify for a loan anytime of the day. If she calls the bank, and if the bank wants me to pay them off, or to qualify, is the bank required by law to let me know about any possible foreclosure due to violation of the due on sale, and to give me some reasonable time to get approved for a loan? -=-=-=-=- Gus, My experience with lenders calling their loans is they will give you a formal 60 day notice to either enter into an assumption agreement with them or pay them off. After the 60 days has tolled and you haven't contacted the lender then it's wait and see whether they carry through with their threat and initiate a foreclosure. But since we are in such a good market to refinance and you feel you won't have any problem in this area, I'd just stand pat until you actually received any missive from the lender that threatens your status quo. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, I bought a property subject to, via a Trust, and everything was going smooth, but after I reinstated the loan, and the deal was done, the Seller, (crazy woman)is threatening me saying that she will tell the bank that there was a sale involved, so that they can foreclose on me, if I don't give her another $10,000. I Told her that she could go ahead and tell them if she wanted to, since I can qualify for a loan anytime of the day. If she calls the bank, and if the bank wants me to pay them off, or to qualify, is the bank required by law to let me know about any possible foreclosure due to violation of the due on sale, and to give me some reasonable time to get approved for a loan? : -=-=-=-=- : Gus, : My experience with lenders calling their loans is they will give you a formal 60 day notice to either enter into an assumption agreement with them or pay them off. After the 60 days has tolled and you haven't contacted the lender then it's wait and see whether they carry through with their threat and initiate a foreclosure. : But since we are in such a good market to refinance and you feel you won't have any problem in this area, I'd just stand pat until you actually received any missive from the lender that threatens your status quo. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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