David Saks: March 2012

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 1563

                                                     #1563

If a provision is included in a mortgage that will permit the lender to declare an entire loan balance due and payable if the property is sold this provision is commonly referred to as a prepayment penalty.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

wildlife

A. False

The provision in the mortgage is known as an alienation clause.

This is a clause in the mortgage that will give the lender the right to accelerate the loan if the borrower on the mortgage sells or transfers the property without securing the approval of the lender before doing so.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • March 12 2012 08:39AM
Real Estate Practice : Lesson 1563
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