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due on sale remediation
Whether you've got a deal already or you're preparing to get into a deal the right way, a consult will help you make a more informed decision.
Whatever the topic, we're happy to provide insight, underwriting, paperwork, and more.
Facing the Due on Sale clause? Creative TC has your back.
You got a due on sale notice.
Step 1: Panic.
Step 2: Call Creative TC
Homeowners and buyers fear the worst: legal fees, foreclosure, damage to credit, losing the property.
And worst of all, they have questions you can't answer!
Creative TC can help you.
We have the answers.
We've helped others through this. We can help you too.
Creative TC brings experience to your deal.
We make it our business to understand your deal
We host Zoom and phone conference calls to acknowledge everyone's concerns and answer questions
We identify and document the needs of all parties involved, and build a custom remediation plan
We educate and consult so you can make informed decisions
We help facilitate negotiations, corrective paperwork, and connections with attorneys, title companies, and loan servicing companies
Creative TC can help you. We have the answers.
People come to Creative TC because they want things done right.
Your deal deserves attention, not templates.
Creative TC helps you make informed decisions, because your creative finance deal isn't the same as the next.
Creative TC has in-house notaries and can record most documents directly with most county recorder offices.
Creative TC is the leader in quality, ethical creative finance real estate, and we can prove it with reviews and testimonials.
Due on Sale Strategies
Each may or may not apply in your situation - and this list does not imply a priority or recommendation for any specific course of action.
Ignore it
Call the bank and ask them to back off
Deed back to seller and execute land contract
Deed back to seller and execute lease-option
Deed back to seller and execute master lease (no option)
Deed back to seller, then place into a revokable trust
Refinance it
Assume it
Sell it
Q: Why does due on sale remediation need to be custom? Why not a template solution?
A: Because your deal isn't the same as the next one.
The plan has to take many things into consideration. Creative TC understands how each of these factors inter-relate.
Here are some of the things that can significantly impact how you're able to resolve a due on sale:
The state
The deal type
The loan type(s): Conventional; FHA; VA; USDA, commercial, SBA, etc
The buyer and seller (and/or middleman) entity types
The intended and/or actual use of the property: rehab, LTR, STR, owner-occupied, etc
The lender(s) involved: small or big bank? private lenders involved?
The timeline: deadlines
Length of time the current owner has had the deal
Future plans for the deal
Alternate exit strategies
How much cash was involved in the original transaction; how much do you have to handle the due on sale?
Is there trust between the parties (affects what alternate plans can be in place)
Is the seller still involved? willing to be? cooperative or resistant?
Tax implications: transfer/excise taxes, mortgage tax, property tax changes, homestead exemption;
Insurance: who's named? new policy needed? different type of insurance needed?
Balloon payments
RMLO/underwriting considerations
Title insurance: obtained? needed? voidable? can it be preserved?
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