[WSBAPT] TODD and Refinancing issue

[Zack Hofstad]

I just heard from a past client that their refi is being held up due to a
TODD he recorded a few years ago.

The lender sent me the following information from Fannie Mae, which states
in the middle of the page that TODDs will prevent loan eligibility
because they allow for the current owner of the property to transfer
ownership without the consent of the named beneficiary on the TODD.

https://selling-guide.fanniemae.com/sel/b2-3-01/general-property-eligibility

This was news to me.  Has anyone faced this issue, and is there anything to
be done besides recording a revocation of the TODD, closing on the refi,
and then recording a new TODD (which is the lender's suggested plan of
action)?

-- 
Zack Hofstad
Hofstad Law
4305 Lacey Blvd SE
Lacey, WA 98503
phone/fax:  360.515.7879

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