Dave Ramsey
👤 SpeakerAppearances Over Time
Podcast Appearances
Wow, that's a mess.
It's useless.
So there's so much wrong with trying to do what is effectively called a wraparound mortgage.
where they wrapped around the old mortgage and they carried back 60 and they wrapped around the 320 for a total of 380.
You can't do a wraparound mortgage where there's a due on sale clause.
And I promise you there's a due on sale clause on that.
I promise you there is.
So, yeah, that's what you get into.
Scary, scary, scary, scary.
Yes, get refinanced as soon as possible.
And go buy insurance on your property today.
Go buy homeowner's insurance today.
Forget that they've got it.
And no, we're not paying them for it.
Because paying their policy is ridiculous.
But that's why they didn't want to change the policy.
Because when you change the policy names out, it tells the mortgage company that we've sold the house.
And it activates the due on sale clause.
Well, it's just dumb.