[WSBAPT] Garn-St. Germaine Act - Due on Sale Clause

[Candace Wilkerson]

Hi Loren,

I have some information that I will email you off-list.

Best,
Candace Wilkerson

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Loren Pirkle
Sent: Tuesday, September 5, 2023 12:30 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Garn-St. Germaine Act - Due on Sale Clause

Good Morning Everyone-

Does anyone have experience with avoiding a due on sale clause under the Garn-St. Germaine Act, when the transfer is from a Revocable Living Trust to an heir/beneficiary(son)? My client's father passed away with his house titled in his Revocable Living Trust and it is now being transferred to the son, along with the debt. I am wondering if there is a way for my client to avoid the due on sale clause. The Bank is saying no and the loan needs to be refinanced at the current rates.

Thank you,
Loren

Lawrence A. Pirkle
Pirkle Law Firm, Inc. P.S.
1220 Memorial Hwy., Suite A
P.O. Box 1788
Mount Vernon, WA 98273
Phone: (360) 336-6587
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