HELP ! DOS Called!
My friend had all his properties DOS'ed (due On Sale) by the banks because his ex business partner reported him on his Subject 2 deals.
Is there any way I can avoid this from happening to me? I don't want to worry about enemies reporting me and crashing my business.
dcftp,
Glad to meet you.
Apparently your friend did not have the proper paperwork, to guard against this type of thing from happening.
Whenever I hear about these type of situations I would like more particulars.
How many properties where involved?
Where were the properties located, so that I can check the county records on exactly what happened.
Who were the lenders that called the loans? Most lenders don't care as long as the loans are kept current.
I would just like to know the whole strory.
John $Cash$ Locke
I am surprised to hear all of the lenders called the loans due. I would also like to learn more about this. How is your competition going to know what you are doing? Especially if you put your properties into land trusts. Unless big brother is watching. JK. I would get more information from your friend before I started worrying. Why does his ex partner know about his Sub To deals? A lot of questions. I just hope people don't start panicking from this post. Not enough information to worry.
Tom[ Edited by tbelknap on Date 04/22/2003 ]
<sarcastic>Those loans must have a REALLY LOW interest rate! </sarcastic> For the lenders to call them. Man, what are we talking about 3% 4%.
Lenders won't call a loan due when rates are this low. Why would anybody who is getting 7-8% on a loan try to get the loan called to reloan out that money at 5-6.
This doesn't make sense.
I too would like more info, please.
I am sorry this happened. It teaches that you should not tell people "close" to you what and how you are doing business. Some "friends" get envious and will do anything to hurt you. Your friend must have been doing well and his ex-partner was probably not doing good.
Like John Locke says, it would be good to have more details on the story to really be able to judge what happened.
Ladybug
thats bs all the lenders if any wouldnt call the loans. i know mortgage guys that buy sub2, i get refis for sellers from mortgage guys that know i am going to sub2 the loan just as soon as the refi is closed. later, ron(lv)