What happens if the homeowner goes into default on the HEFI agreement?
What could cause a homeowner to become in default: There are a number of ways a homeowner can become in default under the Option Agreement, including: – failing to make any required financial payments in connection with the home (such as the mortgage, real property taxes, insurance premiums or any homeowner association dues); – transferring title to the home without the HEFI Owner’s prior written consent (unless it’s to a trust established primarily for the benefit of the homeowner or will); – obtaining a second mortgage or line of credit on the home (without Investor’s prior written consent); or – making any false or misleading promises in connection with the HEFI Agreement.
