Hi Lisa! We currently love and live in Oleander :-). If you are looking to rent we are looking for a renter for our 1920s craftsman home as we are about to close on another craftsman downtown. If you'd like details you can contact me at my email address email@example.com
The answer is YES! Who is on title or ownership of a property has nothing to do with what you owe the bank. So WHO you are transferring title to is irrelevant, and WHAT you are trying to accomplish doesn't matter.
The only issue you might run into is what is known as the "Due on Sale" clause.
The "due on sale" (aka "acceleration clause") is a provision in a mortgage document that gives the lender the right to demand payment of the remaining balance of the loan when the property is sold.
It is a contractual right, not a law. This means that if title to the property is transferred, the bank may (or may not), at its option, decide to "call the loan due."
If the lender discovers the transfer, it may at its option, call the loan due and payable. If it cannot be paid, the lender has the option of commencing foreclosure proceedings.
In 1982, Congress passed the "Garn-St. Germain Federal Depositary Institutions Act" (12 U.S.C. 1701-j) which codified the enforceability of the "due on sale" clause, despite state statute or case law to the contrary.
So the real question is: Are you willing to take a property subject to a mortgage containing a "due on sale" clause with the risk of getting caught?
The Garn-St Germain act contains provisions for exceptions, including transferring title to a Trust, which is an estate planning tool.
I acquire houses subject to the existing loan. There are great benefits to the seller for doing so. I pay all expenses, including mortgage payments, taxes, insurance, repairs and maintenance - the seller need do little more than remain on the loan (and also move out). I'm happy to work with any intelligent, open-minded realtor in California in a major market.... more
If you wish to rent, i suspect apantment rental is one of them. I leave in an apt here in park sorrento for more than 2 years. Me & my family liked it here. Its gated, with pools, rec. Room, gym & laundry rooms within the gated property. So far, nurses & most of the health providers who moved in bakersfield got their lease in this property. A walking distance to walmart & ect. Most of all its less than 5 mins. to kern med. Cernter. But if you wish to have rental homes, well those areas that the agents suggested would be better.... more
Yes this listing is a short sale listing. It is currently contingent and has been since September. This length of time could be due to the seller/bank or the buyer. If you are interested in learning more about this property and you would like me to find out more through calls to the listing agent, I would be happy to assist you. Feel free to contact me through my website.Thank you.... more
This neighborhood is Julianaâ€™s Garden and is (was) built by BLU S.K.Y. Homes.
The median price for the City in the Hills area in general is about $225,000, but this neighborhood would require a little more research to give you an accurate number.
If you have any additional questions regarding resale or new home sales in the City in the Hills, we would be happy to help. We know the area well and just closed escrow on two new homes there this month.