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transfer of property at moms death (due on sale?) - Posted by mel
Posted by mel on July 05, 2004 at 12:31:45:
My mother and i have been buying homes all of which are in her name. she is in the process of setting up a living trust which would leave everything to me. assuming all documents were drawn correctly title and or beneficil interest would transfer to me. is there any way to avoid due on sale? surely the loss payee would change and lender would know immediately. If there was a substantial rate increase or equity in the property would this not be very profitable for the lender to call the note due?
Due on Sale exceptions … - Posted by Frank Chin
Posted by Frank Chin on July 06, 2004 at 04:16:05:
Mel:
I’m not an attorney, but followed discussions on this issue. There are exceptions to “due on sale” in the Garn-St Germaine" Act. The relevant portions are:
(Note: subparagraph six pertains to children inheriting property from parents)
<<<<
(B) A lender may not exercise its option pursuant to a due-on-sale clause in the case of a transfer of a real property loan which is subject to this subsection where the transfer occurred prior to the date of enactment of this Act. (C) This subsection does not apply to a loan which was originated
by a Federal savings and loan association or Federal savings bank.
(d) A lender may not exercise its option pursuant to a due-on-sale clause upon–,
(1) the creation of a lien or other encumbrance subordinate to the lender’s security instrument which does not relate to a transfer of rights of occupancy in the property;
(2) the creation of a purchase money security interest for household appliances;
(3) a transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety;
(4) the granting of a leasehold interest of three years or less not containing an option to purchase;
(5) a transfer to a relative resulting from the death of a borrower;
(6) a transfer where the spouse or children of the borrower become an owner of the property;
(7) a transfer resulting from a decree of a dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property;
(8) a transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property; or
(9) any other transfer or disposition described in regulations prescribed by the Federal Home Loan Bank Board.
<<<<
Hope this helps
Frank Chin
Re: transfer of property (due on sale?) - Posted by john
Posted by john on July 05, 2004 at 20:42:05:
I have all my property in trusts. The ownership is with the trust, the beneficiaries of the trust may change but the trust is still the owner. If set up correctly no one could find out.
Check out archives on “land trusts” in the archives or read Louis Brown’s book
This is not legal advise, I am not an atturney in fact I can’t spell the word, this is just an opinion
Re: Due on Sale exceptions … - Posted by Mick Wallace
Posted by Mick Wallace on November 18, 2004 at 18:16:24:
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Re: Due on Sale exceptions … - Posted by Joyce Mitchell
Posted by Joyce Mitchell on November 15, 2004 at 16:18:42:
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