[WSBAPT] Unmarried partner inheriting real property - mortgage terms

[Brent Williams-Ruth]

I do not hold any belief to be an expert on the Garn-St. Germain act, but
there are specific provisions pertaining to the "due on sale" clause.  The
fact that they are not married, I would believe, kicks this into a (d)(3)
situation - a transfer by devise, descent, or operation of law on the death
of a joint tenant or tenant by the entirety; - but as you can see the
requirement is that they were joint tenants on the title.

Normally, I would agree with everything Dalynne says....however, I have a
current probate where the note is held by US Bank (yes, I am naming names)
and they are being VERY AGGRESSIVE to obtain proof that the person who is
inheriting will be doing so under the terms of the Act.....I believe that
with the mortgage rates rising substantially that we are going to see many
more banks take interest in following the strict letter of the Act because
they would love nothing more to either a) refinance to a higher interest
rate or b) have the property sold and taken off the books as a liability
where they will increase their cash on hand that said bank can then re-lend
to someone else at a higher rate.

Just my two cents on this.

*Brent Williams-Ruth* (pronouns: he/him)
*Attorney-At-Law*

*Law Offices of Brent Williams-Ruth, **a division of BWR Consulting, PLLC*

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On Thu, Jun 30, 2022 at 8:17 AM Suzanne Lieberman <suzanne at cmslawfirm.com>
wrote:

> Hello,
>
> If an unmarried surviving partner inherit's decedent's real estate and
> partner is the sole beneficiary under decedent's will, the lender can't
> call the note under the federal regulations, correct (the partner can
> maintain the mortgage terms, if a regular mortgage)?
>
> Sincerely,
>
> Suzanne Lieberman
> CMS Law Firm LLC <http://cmslawfirm.com/>
> *811 Kirkland Ave. Suite 201 *(please note new address!)
> Kirkland, WA 98033
> 206-383-6484 (Cell Phone)
> 206-659-1512 (Main Office)
>
>
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