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May 1, 2024
7:05
:00
am
mkg
All-American
Same thing. A transfer on death to a relative can’t trigger a due on
transfer clause upon the death of a borrower if all payments are made on time. Sorry I misunderstood your question.
Look at section (d)(5) here:
LII / Legal Information Institute
12 U.S. Code § 1701j–3 - Preemption of due-on-sale prohibitions
US Code - Title 12 > CHAPTER 13 > § 1701j–3
https://www.law.cornell.edu/uscode/text/12/1701j-3
This message has been modified
Originally posted on May 1, 2024 at 7:05:00am
Message modified by mkg on May 1, 2024 at 7:07:09am
Message modified by mkg on May 1, 2024 at 7:12:40am
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mkg
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mkg
Joined
Aug 21, 2003
Last login
Jun 15, 2024
Total posts
2,237 (3 FO)
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Messages
Author
Time
When someone has a mortgage and then they die, does the bank immediately call
Iman23
May 1, 6:34am
Depends on the state but this is where probate is typically involved.
VACOUGFAN
May 1, 6:42am
As long as payments keep being made the bank will not typically care
ToasterChive
May 1, 6:47am
Depends on state law. In Missouri there is a 6 month moratorium after death
BYUMizzou
May 1, 6:47am
My understanding is that if a spouse is the transferee then a federal law prohib
mkg
May 1, 7:00am
Right, but I'm talking about what happens after the wife dies.
Iman23
May 1, 7:03am
Same thing. A transfer on death to a relative can’t trigger a due on
mkg
May 1, 7:05am
Also, this is in Utah, if that matters as far as state law...
Iman23
May 1, 7:04am
The big question is whether or not the family is going to continue to make the
BYUMizzou
May 1, 7:17am
Family plans to continue making the payments. Very small mortgage.
Iman23
May 1, 7:29am
Under federal regs, the estate or an heir can step into the shoes of the deceased as successor.
ConnCoug
May 1, 8:30am
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