What is the name of your state (only U.S. law)? SC
I took a mortgage on my house with a "friend" in 2003 for close to double what the mortgage was worth. I have never had insurance on the house and could not get insurance for the amount that the mortgage states. Our mortgage states, "Funds for taxes and Insurance. Subject to aplicable law or written waiver by Lender, Borrower shall pay all taxes and insurance and remain current on same, until Note is paid in full."
The mortgage has a balloon payment for 2018. Does this clause mean that the mortgage holder can call in the mortgage in full because of delinquent taxes or lack of insurance?
I took a mortgage on my house with a "friend" in 2003 for close to double what the mortgage was worth. I have never had insurance on the house and could not get insurance for the amount that the mortgage states. Our mortgage states, "Funds for taxes and Insurance. Subject to aplicable law or written waiver by Lender, Borrower shall pay all taxes and insurance and remain current on same, until Note is paid in full."
The mortgage has a balloon payment for 2018. Does this clause mean that the mortgage holder can call in the mortgage in full because of delinquent taxes or lack of insurance?