Why it's imperative to read your mortagage agreement...

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The final type is known simply as the demand clause, and this means that the lender can demand repayment of the loan in full at any time for any reason. This clause gives the lender the same powers as the acceleration and due on sale clauses, but also allows the lender to raise interest rates even if you aren’t selling your property.


Yikes...

Comments

  1. Whitney8/07/2007 10:31 AM

    Yeah but that's typically included in ANY loan ya get. The lender USUALLY reserves the right to demand payment in full at any time for any reason.....every loan I ever did had that as part as the standard loanliner - at both bank and CU.

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