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Melinda J. R…, Real Estate Pro in Hudsonville, MI

Has anyone had any success getting Wells Fargo to allow a seller with a mortgage on the property to be able

Asked by Melinda J. Robison, Hudsonville, MI Wed Aug 13, 2008

to sell the property to a new buyer via Land Contract?

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2
Good question! I have heard they are now letting this happen as they are not wanting homes to get foreclosed on. If this is a way to get the home sold they are allowing it. I assume it is case-by-case situation, but I would try to go for it.
1 vote Thank Flag Link Thu Aug 14, 2008
A land contract technically violates the due on sale clause of most mortgages including seconds. So I doubt the would allow the seller to do that.

Also because most of these second mortgages are upside down ( the owe more than the home is worth) I really doubt they would allow that. They (wells) may be a in a high risk situation now, but this structure would exponentially increase that risk.
0 votes Thank Flag Link Wed Aug 27, 2008
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