Here is the synopsis of our sample research paper on Due-on-Sale in Michigan. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
A 6 page memo to a law practice client in Michigan explaining the due-on-sale clause of the mortgage contract and Michigan law, and why she cannot circumvent the law by writing a land contract effectively selling the land on which a house is situated without also paying off the mortgage so that a new one – at higher interest – can be written. The memo provides issues of law, a discussion and conclusion. Bibliography lists 4 sources.
Page Count:
6 pages (~225 words per page)
File: CC6_KSlawMIdueOnSale.rtf
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Unformatted sample text from the term paper:
and Issues 1. The Statute Michigan enacted MCL 445.1621 et seq. governing Due on Sale Clauses in 1984; the statute became effective on
October 15, 1985. The Due on Sale Clause is "a contract provision which authorizes the lender, at its option, to declare due and payable sums secured by the lenders
security instrument if all or any part of the property, or an interest in the property, securing the real property loan is sold or transferred without the lenders prior written
consent" (MCL 445.1621 Definitions). 2. Lender The lender generally is a bank, mortgage company or any number of organizations whose business it
is to extend mortgages. The only exception is the Michigan state housing development authority. The lender also can be an individual, but only if that individual extends more
than one mortgage in a years time. Specifically, "Lender does not include an individual, with respect to a real property loan made by that individual, if during the calendar
year in which that real property loan is made, the individual makes not more than 1 other real property loan" (MCL 445.1621 Definitions). 3. Lender-Forced Sale
"Except for a residential window period loan, a lender may enforce a due-on-sale clause in a real property loan in accordance with the terms of the
loan contract" (MCL 445.1622 Enforcement). Ms. Sniders mortgage was originated in 2004; it is not a window period loan and so therefore is subject to lender-enforcement of the clause.
What this means is that the lender is fully within its rights to enforce the due on sale clause should Ms. Snider proceed with plans to transfer ownership and
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