Borrower's Duties to Maintain Premises

It is the Borrower's duty to protect the value of the property until it is paid in full. This clause is important because the value of the property is what keeps the Borrower making payments. If the Borrower ever defaults and suffers foreclosure, it is the value of the property that should enable the Seller to re-sell without a loss.

Most loans require the Borrower to notify the Seller in writing before the Borrower or any third party neglects the property or allows it to be used in a way that lessens its value or removes, changes, or demolishes any buildings or improvements on the premises in a way which may diminish the property's value.

Helpful Hint

It is a good idea to drive by the property you sold on a regular basis. If you've moved out of state, have someone you know do this for you. Fundamental changes to or deferred maintenance on the buildings on a property can seriously diminish the value of your loan, while improvements to the property (a new roof or new landscaping, for instance) can make prompt payments by the Borrower more likely than ever.

The Mortgage Note Buyers at RAM Funding are standing by ready to CASH YOU OUT!  Is your real estate note less than stellar, or do you need a lump sum of cash NOW from your cash flow note?  Why hold on to an under performing cash flow note? 


Call the RAM Funding Discounted Cash Flow Specialists Today, 1-800-397-3893.

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