[WSBAPT] Assumption of Mortgage by Surviving Spouse

[Nick Pleasants]

Hi All,
Have you successfully obtained an assumption of mortgage by surviving spouse recently? It seems to me like all banks are denying it and want the survivor to refinance. They impose additional requirements such as a credit check and occupancy as primary residence. I don't see any such requirement in the Garn St. Germain Act, 12 USC § 1701j-3. I came across this article https://info.wealthcounsel.com/blog/transferring-title-of-mortgaged-real-property that discusses the issue of occupancy requirement not being part of the Act. Does anyone have a recent positive experience? Were you able to persuade a bank to follow the Act if at first it was reluctant? I had several successful assumptions before the pandemic, but lately I'm not having luck. Because of the difference in rates now, I might have to make some caselaw if the bank won't comply...
Best,
Nick

Nicholas Pleasants | Shareholder

[OseranHahnAttyatLaw 8]

11225 SE 6th Street | Suite 100 | Bellevue, WA 98004
Main: (425) 455-3900 | Fax: (425) 455-9201 | E-mail: npleasants at ohswlaw.com<mailto:npleasants at ohswlaw.com>

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