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Rainmaker
1,502,868
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
Rainmaker
1,712,676
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
Ambassador
6,392,899
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
Ambassador
2,684,009
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
Ambassador
5,229,328
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Calling all AR lenders...

Oct 08, 2017 07:33 PM
Rainmaker
4,434,127
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
Rainmaker
1,543,235
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

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

Oct 08, 2017 06:09 PM
Rainmaker
4,571,917
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
Rainmaker
3,416,038
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
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

a question for a lender....

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

Oct 09, 2017 05:36 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Typically they protect the banks.

Oct 09, 2017 05:31 AM
Rainmaker
2,220,323
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Ask a lender.

Oct 08, 2017 10:43 PM
Rainmaker
900,108
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
Rainmaker
1,231,853
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
Ambassador
3,344,906
Kathleen Daniels, Probate & Trust Specialist
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
Rainmaker
5,772,575
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
Rainmaker
1,466,207
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
Rainmaker
2,182,502
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Preserves borrower's rights

Oct 09, 2017 05:02 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Bob Crane nailed this one!

Oct 09, 2017 05:00 AM
Rainer
7,565
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
Rainmaker
1,598,452
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
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

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

May 13, 2018 10:01 PM
Rainmaker
5,868,372
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I was thinking the clauses protected the lender.

Oct 11, 2017 07:03 AM
Rainmaker
1,725,996
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
Rainmaker
599,274
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
Rainmaker
3,986,258
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
Rainmaker
3,988,007
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
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Why not ask a lender?

Oct 09, 2017 04:30 PM
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
Rainmaker
7,835,293
Roy Kelley
Retired - Gaithersburg, MD

Most are unable to purchase a home without a mortgage.

Oct 09, 2017 06:06 AM