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Brown Cafe UPS Forum
Life After Brown
The bailout
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 405343" data-attributes="member: 12570"><p>Banks cannot classify a mortgage as payable in full upon demand without due cause. A mortgage is a contract and both sides in the mortgage must abide by the terms of the contract. Mortgages are bought and sold all the time, usually for a discount. My home mortgage was originally through M&T but they sold it to Chase. Did I have any choice in the matter? Absolutely not, and I do not like Chase. However, I read the mortgage and selling the note was one of the terms in the contract.</p><p> </p><p>To get back to your question, no, the bank cannot demand that you pay the mortgage in full without due cause. Make your payments on time, ensure your escrow is fully funded, maintain the proper insurance and you should be all set.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 405343, member: 12570"] Banks cannot classify a mortgage as payable in full upon demand without due cause. A mortgage is a contract and both sides in the mortgage must abide by the terms of the contract. Mortgages are bought and sold all the time, usually for a discount. My home mortgage was originally through M&T but they sold it to Chase. Did I have any choice in the matter? Absolutely not, and I do not like Chase. However, I read the mortgage and selling the note was one of the terms in the contract. To get back to your question, no, the bank cannot demand that you pay the mortgage in full without due cause. Make your payments on time, ensure your escrow is fully funded, maintain the proper insurance and you should be all set. [/QUOTE]
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