Michael Hyun used creative financing to buy a home amid high mortgage rates in 2023.
A provision in the mortgage contract called the due-on-sale clause makes this approach risky.
But they had one advantage: Eileen was a real-estate agent, which qualified her as a real-estate professional under tax law.
There, he found wholesalers, middlemen that buy property under contract to sell the contracts and transfer the property to the buyer.
So, instead of going into foreclosure, they sold it to Hyun and transferred the mortgage, which had a balance owed of $368,486 at a 2.75% mortgage rate.
Persons:
Michael Hyun, —, Eileen, Hyun, homeownership, Pace
Organizations:
Service, Business
Locations:
Texas