[WSBAPT] Today's Topic - Transfer of mortgage and application of Garn St. Germain Act

[Robert West]

I understand under the Garn St. Germain Act the lender cannot exercise the
"due on sale" clause in the event of a transfer pursuant to a divorce
decree, but does this release the spouse not retaining the property from
potential future liability under the loan? I would think not. Is the lender
automatically obligated to approve an assumption by the spouse awarded the
property?

 

Robert E. West, Jr.

West Law Offices, P.S.

332 1st St NE

Auburn, WA 98002

(253) 351-9000

rwest at westlawoffices.com

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