How do mortgage clauses protect borrowers?

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Kyle Beers, Familiar with Southern Utah and Utah county (N/A)

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Rainmaker
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Ryan Huggins - Thousand Oaks, CA

https://HugginsHomes.com - Thousand Oaks, CA

Residential Real Estate and Investment Properties

About as well as Santa Clauses protect children.

Oct 08, 2017 08:58 PM

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5

Nina Hollander, Broker

Charlotte, NC
Ryan Huggins - Thousan...

Thousand Oaks, CA
Kathleen Daniels, Prob...

San Jose, CA
Barbara Todaro

Franklin, MA
Michael Jacobs

Pasadena, CA

Rainmaker
1,714,432

Joe Pryor

The Virtual Real Estate Team - Oklahoma City, OK

REALTOR® - Oklahoma Investment Properties

It's in chapter seven of the book.

Oct 08, 2017 06:15 PM

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Sandy Padula & Norm Pa...

, CA
Nina Hollander, Broker

Charlotte, NC
Roy Kelley

Gaithersburg, MD
Debe Maxwell, CRS

Charlotte, NC
Mary Yonkers

Erie, PA

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Bob Crane

Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI

Forestland Experts! 715-204-9671

Do they?

Oct 08, 2017 07:23 PM

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Nina Hollander, Broker

Charlotte, NC
Anthony Acosta - ALLAT...

Atlanta, GA
Bob Crane

Stevens Point, WI
Debe Maxwell, CRS

Charlotte, NC

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Fred Griffin Florida Real Estate

Fred Griffin Real Estate - Tallahassee, FL

Licensed Florida Real Estate Broker

Ask a Lender.

Oct 08, 2017 06:16 PM

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Nina Hollander, Broker

Charlotte, NC
Anthony Acosta - ALLAT...

Atlanta, GA
Debe Maxwell, CRS

Charlotte, NC
Mary Yonkers

Erie, PA

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Debe Maxwell, CRS

Savvy + Company (704) 491-3310 - Charlotte, NC

The RIGHT CHARLOTTE REALTOR!

Calling all AR lenders...

Oct 08, 2017 07:33 PM

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Kathleen Daniels, Prob...

San Jose, CA
Roy Kelley

Gaithersburg, MD
Anthony Acosta - ALLAT...

Atlanta, GA

Rainmaker
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Gita Bantwal

RE/MAX Centre Realtors - Warwick, PA

REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Ask a lender

Oct 08, 2017 06:35 PM

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Nina Hollander, Broker

Charlotte, NC
Roy Kelley

Gaithersburg, MD
Anthony Acosta - ALLAT...

Atlanta, GA

Rainmaker
1,741,633

Thomas J. Nelson, REALTOR ® CRS,ABR,PSA,RCS-D, CFSP

Big Block LPT Realty 858.232.8722 - San Diego, CA

Coastal San Diego, Veteran's & Retirees Services

I defer all mortgage questions to the best lender I know: Jason E. Gordon

Oct 08, 2017 06:09 PM

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Nina Hollander, Broker

Charlotte, NC
Debe Maxwell, CRS

Charlotte, NC
Mary Yonkers

Erie, PA

Rainmaker
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Michael Jacobs

Pasadena, CA

Pasadena And Southern California 818.516.4393

As others have answered, this is a good question for a lender but I'm still laughing at the response by Funny Guy Ryan Huggins - Thousand Oaks, CA

Oct 09, 2017 09:20 AM

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2

Nina Hollander, Broker

Charlotte, NC
Ryan Huggins - Thousan...

Thousand Oaks, CA

Rainmaker
3,417,883

Scott Godzyk

Godzyk Real Estate Services - Manchester, NH

One of the Manchester NH's area Leading Agents

I mortgage clause on a purchase contract clearly states the sale is sontingent upon them getting a mortgage, however on a mortgage note, it protects the bank more than the buyer

Oct 09, 2017 05:58 AM

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Nina Hollander, Broker

Charlotte, NC
Bob Crane

Stevens Point, WI

Rainmaker
5,590,508

Barbara Todaro

Keller Williams Elite - Franklin, MA

"connecting land with builders"

a question for a lender....

I don't imagine a mortgage clause protects a borrower..only the lender...

Oct 09, 2017 05:36 AM

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Nina Hollander, Broker

Charlotte, NC
Roy Kelley

Gaithersburg, MD

Rainmaker
2,246,155

Anthony Acosta - ALLATLANTAcondos.com

Harry Norman, REALTORS® - Atlanta, GA

Associate Broker

Ask a lender.

Oct 08, 2017 10:43 PM

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2

Nina Hollander, Broker

Charlotte, NC
Anthony Acosta - ALLAT...

Atlanta, GA

Rainmaker
960,730

Olga Simoncelli

Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT

CONSULTANT, Real Estate Services & Risk Management

They generally protect banks that write the mortgage clauses.

Oct 08, 2017 07:51 PM

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Nina Hollander, Broker

Charlotte, NC
Annette Lawrence , Pal...

Palm Harbor, FL

Rainmaker
1,231,903

Mary Yonkers

Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA

Erie/PA Real Estate Instructor

Kyle Beers There are several ActiveRain lenders who can answer this question for you. Check the ActiveRain LeaderBoard.

Oct 08, 2017 06:24 PM

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Roy Kelley

Gaithersburg, MD
Debe Maxwell, CRS

Charlotte, NC

Ambassador
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Kathleen Daniels, Probate & Trust Real Estate Svcs.

KD Realty - 408.972.1822 - San Jose, CA

Probate Real Estate Services

They don't.

I wish you all the best with your studies.

Oct 09, 2017 07:58 AM

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1

Nina Hollander, Broker

Charlotte, NC

Rainmaker
5,775,369

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Kyle,

Talk to a lender. A

Oct 09, 2017 07:01 AM

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1

Nina Hollander, Broker

Charlotte, NC

Rainmaker
1,466,272

Michael Setunsky

Woodbridge, VA

Your Commercial Real Estate Link to Northern VA

Kyle Beers Like any contract, they are there to protect the parties involved.

Oct 09, 2017 06:51 AM

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1

Kyle Beers

Spanish Fork, UT

Rainmaker
2,298,819

Michael J. Perry

Fathom Realty - Lancaster, PA

Lancaster, PA Relo Specialist

Preserves borrower's rights

Oct 09, 2017 05:02 AM

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1

Michael Setunsky

Woodbridge, VA

Rainmaker
3,077,307

Tony and Suzanne Marriott, Associate Brokers

Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ

Coldwell Banker Realty

Bob Crane nailed this one!

Oct 09, 2017 05:00 AM

Upvote

1

Bob Crane

Stevens Point, WI

Rainer
7,615

Ranelle Shaver

Real estate - St. George, UT

From what I've learned as a student, it protects the lender more than the borrower.

Jan 17, 2020 07:09 PM

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Rainmaker
1,598,652

Valeria Mola

SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL

305-607-0709 SIB Realty Condos for Sale and Rent

I guess, they do.

Oct 17, 2019 11:54 AM

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Rainmaker
4,336,821

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

Kyle, of course, they do! Check with a lender friend.

May 13, 2018 10:01 PM

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Rainmaker
6,471,878

Joan Cox, Retired Broker/Owner

Denver, CO

Enjoying Every Day to Its Fullest!

I was thinking the clauses protected the lender.

Oct 11, 2017 07:03 AM

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Rainmaker
1,801,606

Sandy Padula & Norm Padula, JD, GRI

HomeSmart Realty West & Florida Realty Investments - , CA

Presence, Persistence & Perseverance

That Chapter 7 is a killer

Oct 10, 2017 02:15 PM

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Rainmaker
602,081

Nathan Gesner

American West Realty and Management - Cody, WY

Broker / Property Manager

I would defer this question to a qualified lender to avoid getting myself in trouble.

Oct 10, 2017 05:04 AM

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Rainmaker
3,986,664

William Feela

WHISPERING PINES REALTY - North Branch, MN

Realtor, Whispering Pines Realty 651-674-5999 No.

Well, I am not a lender so I would refer that to them.

Oct 09, 2017 05:44 PM

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Rainmaker
3,988,379

Debbie Reynolds, C21 Platinum Properties

Platinum Properties- (931)771-9070 - Clarksville, TN

The Dedicated Clarksville TN Realtor-(931)320-6730

The mortgage clause stands as a contingency if the buyer cannot get the loan then the buyer has an out.

Oct 09, 2017 05:26 PM

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Rainmaker
5,868,901

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Real Estate Broker

Why not ask a lender?

Oct 09, 2017 04:30 PM

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Rainmaker
921,504

Annette Lawrence , Palm Harbor, FL 727-420-4041

ReMax Realtec Group - Palm Harbor, FL

Making FLORIDA Real Estate EZ

Clauses protect the BANK.

IN Florida, the seller ends up paying for the screw-ups while the buyer/borrower benefits by embedded and overwhelming protections.

Florida needs to turn towards 30 post closing occupancy to protect the seller.

Oct 09, 2017 08:41 AM

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Rainmaker
8,748,407

Roy Kelley

Retired - Gaithersburg, MD

Most are unable to purchase a home without a mortgage.

Oct 09, 2017 06:06 AM

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I defer all mortgage questions to the best lender I know: Jason E. Gordon
As others have answered, this is a good question for a lender but I'm still laughing at the response by Funny Guy Ryan Huggins - Thousand Oaks, CA
I mortgage clause on a purchase contract clearly states the sale is sontingent upon them getting a mortgage, however on a mortgage note, it protects the bank more than the buyer
a question for a lender....

I don't imagine a mortgage clause protects a borrower..only the lender...
They generally protect banks that write the mortgage clauses.
Kyle Beers There are several ActiveRain lenders who can answer this question for you. Check the ActiveRain LeaderBoard.
Kyle Beers Like any contract, they are there to protect the parties involved.
From what I've learned as a student, it protects the lender more than the borrower.
I would defer this question to a qualified lender to avoid getting myself in trouble.
The mortgage clause stands as a contingency if the buyer cannot get the loan then the buyer has an out.
Clauses protect the BANK.

IN Florida, the seller ends up paying for the screw-ups while the buyer/borrower benefits by embedded and overwhelming protections.

Florida needs to turn towards 30 post closing occupancy to protect the seller.