I hear of alot of Lease/BuyBack scams out there?
Too my understanding the seller signs a Quit Cliam Deed of the property,or signs over the Title too the scamers..
Now most mortages have a "Due On Sale Clause" whitch simply states if theres any Transfer of Tile that Accelerates the Note,there bye paying it off in full..
If the buyer new this and didnt tell the seller,is that illegal according to:
FDIC Law,Regulations,Related Acts
Part 591.5 Limitation on exercise of due-on-sale clauses??
Part 591.5 of FDIC regulations recites a litany of conditions when an FDIC regulated financial institution may not exercise its power to effect a due on sale
clause in a particular mortgage or deed of trust instrument. All of these conditions involve matters between lender and borrower/seller and have nothing to do (in my opinion) with prospective buyers of a particular property in which
there is an existing loan backed by an FDIC bank or other financial institution.
Therefore, my answer in regard to your question would be, no, nothing
illegal about it.
