[WSBAPT] Client on mortgage, but not title

[Adria Vondra]

Thanks! I'll look again at the Act!

> On Jun 2, 2016, at 2:52 PM, Paul Grant <paulnnepa at gmail.com> wrote:
> 
> Well, believe it or not, I was just poking around the St. Germain Act this morning.... why?  Because attorneys are just that weird.
> 
> Look at US Code 1703j-3(d)(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
> 
> If your client is "the borrower" but is not a beneficiary the transfer may have offended the statute and the loan could trigger the due-on-sale clause.  If you could convince the mortgagee to close the loan that may also force a remortgage.
> 
> Obviously a long shot but look at the section to see if anything else fits your situation.  Even the threat of asking the mortgagee to force a payment in full may get the Trustee to respond, specifically if it comes from your office.
> 
> 
> Paul H. Grant - JD, LL.M
> 
> Planning with Purpose, Inc
> Lynnwood, WA 98036
> 425-939-9948
> www.planningwithpurposeinc.com
> 
> Estate Planning. Business Planning. Wealth Succession.
> 
>> On Thu, Jun 2, 2016 at 2:10 PM, Adria Vondra <avondra75 at gmail.com> wrote:
>> I have a PC who took out a mortgage loan for his aunt several years ago.  Right before she died (5 years ago), he transferred title to her family trust at her request.  His uncle is trustee and PC is not a beneficiary.  He never lived in the house and never has made any payments on the home nor did he make the down payment.  The trust makes all the payments.  His uncle is not cooperative at all.  So, basically, he is on the loan and not the title.  He wants to get off the loan so that he can qualify for his own home.  Does he have any legal recourse?  I don't know if he can force a sale since he is not on title.  The trustee will not cooperate to refinance and the client is concerned about his credit and has literally no communication with them since his aunt died.  Any ideas?
>> 
>> -- 
>> Adria Vondra
>> Attorney at Law
>> Vondra Law Firm, PLLC
>> 15600 Redmond Way, Ste 201
>> Redmond, WA  98052
>> avondra at vondralawfirm.com
>> 
>> 
>> _______________________________________________
>> WSBAPT mailing list
>> WSBAPT at lists.wsbarppt.com
>> http://mailman.fsr.com/mailman/listinfo/wsbapt
> 
> _______________________________________________
> WSBAPT mailing list
> WSBAPT at lists.wsbarppt.com
> http://mailman.fsr.com/mailman/listinfo/wsbapt
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20160602/6540d365/attachment.html>