[WSBAPT] death and due on sale

[John McCrady]

My reading of the statute does not exempt credit unions or HELOCs.

(2)
the term “lender<https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-1106367012-2124459217&term_occur=999&term_src=title:12:chapter:13:section:1701j%E2%80%933>” means a person or government agency making a real property loan<https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-1202940583-2124459218&term_occur=999&term_src=title:12:chapter:13:section:1701j%E2%80%933> or any assignee or transferee, in whole or in part, of such a person or agency;
(3)
the term “real property loan<https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-1202940583-2124459218&term_occur=999&term_src=title:12:chapter:13:section:1701j%E2%80%933>” means a loan, mortgage, advance, or credit sale secured by a lien on real property, the stock allocated to a dwelling unit in a cooperative housing corporation, or a residential manufactured home<https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-2070006528-2124459219&term_occur=999&term_src=title:12:chapter:13:section:1701j%E2%80%933>, whether real or personal property; and

(d)Exemption of specified transfers or dispositions With respect to a real property loan<https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-1202940583-2124459218&term_occur=999&term_src=title:12:chapter:13:section:1701j%E2%80%933> secured by a lien on residential real property …………., a lender <https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-1106367012-2124459217&term_occur=999&term_src=title:12:chapter:13:section:1701j%E2%80%933> may not exercise its option pursuant to a due-on-sale clause <https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-2106257779-2124459216&term_occur=999&term_src=title:12:chapter:13:section:1701j%E2%80%933> upon—
(1)……………
(5)
a transfer to a relative resulting from the death of a borrower;
(6)
a transfer where the spouse or children of the borrower become an owner<https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-106164915-1510435011&term_occur=999&term_src=title:12:chapter:13:section:1701j%E2%80%933> of the property;
…………….

If there are any judicial changes I would love to hear about them.


John McCrady
Counsel
Puget Sound Title Company
5350 Orchard Street West
University Place WA 98467
253-476-5721
j.mccrady at pstitle.com<mailto:j.mccrady at pstitle.com>



Beginning July 26, 2021, recording fees for most documents recorded in Washington will increase by $100<https://www.piercecountywa.gov/DocumentCenter/View/105275/Recording-Fee-Schedule-Effective-Jul-25-2021->. Please be sure to collect recording fees accordingly. Due to the above increase, our Reconveyance fees will also be increased by $100.00

WARNING-FRAUDULENT FUNDING INSTRUCTIONS
Email hacking and fraud are on the rise to fraudulently misdirect funds.  Please call your escrow officer immediately using contact information found from an independent source, such as the sales contract or internet, to verify any funding instructions received.  We are not responsible for any wire sent by you to an incorrect bank account.


From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Heather de Vrieze
Sent: Thursday, January 27, 2022 9:01 AM
To: cole-gilday at stanwoodlaw.net; WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] death and due on sale

It might matter if it was a HELOC or similar loan secured by the property, but not a first mortgage. I also know that some credit unions have fine print in their mortgages that allow them to apply funds on deposit to outstanding loans at death.

Heather

Heather S. de Vrieze
Attorney-at-Law
[cid:image003.jpg at 01D81362.3D148F70]
3909 California Avenue SW
Seattle, WA 98116-3705
(206)938-5500
heatherd at westseattlelaw.com<mailto:heatherd at westseattlelaw.com>
www.westseattlelaw.com<https://f.xdref.com/?id=20RHDCJq032078&from=wsbapt-bounces@lists.wsbarppt.com&to=j.mccrady@pstitle.com&url=http://www.westseattlelaw.com/>
Click here to connect with de Vrieze | Carney on Facebook:   [FB Logo] <https://www.facebook.com/DeVriezeCarney>

CONFIDENTIAL & PRIVILEGED. This e-mail message may contain legally privileged and/or confidential information.  If you have received this e-mail in error, please notify the sender immediately and delete all copies of this e-mail message and any attachment.

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Robert R. Cole
Sent: Wednesday, January 26, 2022 5:34 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] death and due on sale


I just got a letter from a Credit Union saying that the son/beneficiary cannot take over making the payments on the mortgage on his dad's house.  Are Credit Unions not subject to the Garn-St.Germain Act?
--


Very Truly Yours,
Robert R. Cole
Law Office of Cole & Gilday, P.C.

10101 - 270th St. NW
Stanwood, WA 98292
(360) 629-2900 (Telephone)
(360) 629-0220 (Fax)

This message contains confidential and privileged information that is intended only for the named recipient(s).  Unless you are the named recipient or authorized agent thereof, you are prohibited from reading, copying, distributing or otherwise disseminating such information.  If you receive this communication in error, please notify the sender immediately.




-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20220127/8c1961e1/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 4790 bytes
Desc: image003.jpg
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20220127/8c1961e1/image003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.png
Type: image/png
Size: 3354 bytes
Desc: image005.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20220127/8c1961e1/image005.png>