NC Real Estate Comm.Due On Sale
They write in the October 2008 edition
Marcelo Tellez (Apex)
By consent, the commission suspended the broker license of Mr. Tellez for a period of 6 months effective may 1, 2008. The Commssion found that Mr. Tellez purchased a property from a seller without paying off the existing mortgage or notifying the lender, in violation of the due on sale clause in the mortgage, thus leaving the sellers with liability under terms of the existing note and deed of trust.
The Commission noted that Mr. Tellez owns the property and had made all payments on the property to the date of the commissions order.
I write
Leave it to the RE commission of NC to create a problem where there is none.
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