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Banks going after investors who are just trying to protect themselves and their investments

With all the foreclosures going on in real estate you would think the banks would have their hands full, but seems this isn’t the case with all banks. Recently one of my investors who owns 5 homes got a “Due on Sale” notice from his bank that he had 90 days to pay or they were suing him for the money.

Judge


What was the real problem with this notice? He hadn’t sold, he still owned the property, so what triggered the due on sale notice? He had put his home in an LLC on the advice of his lawyer to avoid any potential lawsuits that might come from a potential renter.

You see the bank saw this as a change in ownership, even though he was still paying on time and the LLC belonged to him. So, why do you think they did this? My opinion is they knew that he has owned this home over 10 years and had lots of equity and they now saw a way to get it if he couldn’t pay within 90 days.

Now him and his lawyer are scrambling to get the home back in his name hoping this stops the process, but have any of you heard of this? I know when I had rental properties I had them in an LLC and I’m not sure what I would have done if the bank had sent me that letter in the mail.


 

Todd Clark - Broker / Sales Coach
All Brokers Real Estate
Phone: (503)524-9494
Fax: (503)622-8739



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©2010 Todd Clark - Banks going after investors who are just trying to protect themselves and their investments


Todd Clark (Broker/Owner)
The Friendly Home Team
Realty Pro, Oregon LLC
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573

 

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 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.

 

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Comment balloon 19 commentsThe Friendly Home Team • April 11 2010 08:37PM
Banks going after investors who are just trying to protect themselves…
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With all the foreclosures going on in real estate you would think the banks would have their hands full, but seems this isn’t the case with all banks. Recently one of my investors who owns 5 homes got a “Due on… more
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