[WSBAPT] Garn-St Germaine question

[Kaitlyn Jackson]

I’d love to know the answer to this as well!

Sent from my iPhone

> On Sep 2, 2020, at 2:51 PM, Sarah J. Dion <SDion at skellengerbender.com> wrote:
> 
> 
> Was just looking into this on a case and as far as I could tell, it is not protected. Love to know if that is wrong though!
> 
> Of course, whether a bank has any interest in enforcing such a clause is another question. It might be amenable to transferring the mortgage as long as everyone is solvent.
> 
>  
> 
> Sarah Jael Dion
> 
> skellenger bender
> 
> ATTORNEY
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> TRUST AND ESTATE PRACTICE
> Estate Planning | Probate
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> From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of John Creahan
> Sent: Wednesday, September 2, 2020 2:36 PM
> To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> Subject: [WSBAPT] Garn-St Germaine question
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> Hi,
> 
> A client owns a house (with a mortgage). Two siblings live with her and she wants them to have the option to remain in the house after her death.
> 
> Garn-St. Germaine prohibits a bank from enforcing a due-on-sale clause in a mortgage if the property is transferred “to a relative resulting from the death of a borrower.” Does anyone know if the transfer to a testamentary trust for a relative’s benefit would also be protected?
> 
> Thanks,
> 
> John
> 
>  
> 
>  
> 
> John Creahan
> 206-578-5877
> www.cairn-law.com
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> Fremont office:
> 3417 Evanston Ave. N, Suite 312
> Seattle, WA 98103
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