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07.30.07 Mortgage Contingency Clause
MP3 Audio: 07.30.07 Mortgage Contingency Clause (0.92mb) Download
By: David Bach visit website
Genre: personal finance/
Tags: investing, millionaire, personal finance, real estate
David Bach's Finish Rich Minute is brought to you by Wells Fargo Home Mortgage, a division of Wells Fargo Bank N.A., Equal Housing Lender and founding sponsor of The Great American Homeowner Challenge TM.
Hi, this is David Bach. The recent sub-prime shake-up in the mortgage industry has forced some lenders to tighten their lending policies- in some cases even close their doors. With little or no notice, borrowers can find themselves days away from closing- WITHOUT the mortgage they were promised. My tip today- in case your loan DOES fall through, protect yourself by adding a "mortgage contingency" clause to your purchase contract. This will let you walk away from the deal and recover your deposit from the seller if your loan doesn't come through. I'm David Bach. For more information on smart homeownership, read my #1 bestseller, The Automatic Millionaire Homeowner. You can download a free chapter today by visiting davidbach.com.
Visit davidbach.com for mortgage information and to find a branch near you.
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