Definition
Due On Sale
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Due on sale is a clause contained in home loan contracts that allows banks to demand full repayment of the loan balance should the property be sold.
This is to prevent the possibility of financing a home that don’t belong to a borrower.
Moreover, if the bank don’t demand payment from the borrower when he has collect the sales proceeds of a sale, the possibility of full repayment diminishes with each passing day.
There is no going around this provision.
There is no chance of a lender allowing a loan to be retained by a borrower should the house, which is the collateral, be sold.
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