Helpful Question To Many If Possible
One particular property I purchased Sub to has a higher interest rate than what you can get now. Since market crashed, it does seem to be true that the lender will not initiate the Due On Sale clause, as long as they are getting paid.
My question is:
Is it possible to call the lender and negotiate a new interest rate, with them with them knowing that ownership has changed? If not, is there another way to do this?
Paymeents have always been on time for 2 years.
I can refinance in my own name, but I would rather not right now?
Thank you all.
Even if the lender would be amenable to a rate adjustment, you are not the person named on the note. Why would they even deal with you instead of the person named on the note.