[WSBAPT] Deeding rental property to Rev Living Trust

[Ann Manley]

So you don't get the mortgage company's permission even if the borrowers
don't currently reside in the property?

Ann Manley, Esq.
The Manley Law Firm, P.S., Inc.
PO Box 16324
Seattle, WA 98116
(206)292-3064 / (206)292-3914 fax
www.manleyfirm.com

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On Fri, Dec 16, 2022 at 1:49 PM Nick Pleasants <npleasants at ohswlaw.com>
wrote:

> No permission needed. The mortgage company is preempted from taking action
> on a transfer to an inter vivos trust where the borrower is beneficiary and
> retains the right to live. 12 USC § 1701j-3
> <https://www.law.cornell.edu/uscode/text/12/1701j-3>(d)(8). We very
> rarely notify the mortgage holder.
>
> If you transfer a mortgaged property to an LLC, that is a different
> animal, and I might advise obtaining the lender’s permission prior to the
> transfer. And you need to add LLC as named insured on the P&C insurance
> prior to recording the deed.
>
>
>
> *Nicholas Pleasants | Shareholder *
>
>
>
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> *From:* wsbapt-bounces at lists.wsbarppt.com <
> wsbapt-bounces at lists.wsbarppt.com> *On Behalf Of *Ann Manley
> *Sent:* Friday, December 16, 2022 12:56 PM
> *To:* WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> *Subject:* [WSBAPT] Deeding rental property to Rev Living Trust
>
>
>
> It's advisable to get permission from a mortgage co. before transferring
> non-primary residence property to a RLT, right? Has anyone had the
> experience where the mortgage co. doesn't give permission? What would
> happen if you transferred the property without getting permission ahead of
> time?
>
>
> Ann Manley, Esq.
>
> The Manley Law Firm, P.S., Inc.
>
> PO Box 16324
>
> Seattle, WA 98116
>
> (206)292-3064 / (206)292-3914 fax
>
> www.manleyfirm.com
>
> *The Manley Law Firm practice areas include Bankruptcy*, Estate Planning,
> Auto Accidents, Civil Litigation, Construction, Commercial and Contract
> Law, Employment Matters, Personal injury, Small Business, Unemployment
> Claims, Wage Loss and Compensation claims*
>
> ** The Manley Law Firm is a Debt Relief Agency. We help people file for
> bankruptcy relief under the Bankruptcy Code.*
>
> *This email and any files transmitted with it are privileged,
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