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<p class="MsoNormal"><span style="color:#1F497D">If bank finds out about the transfer, they might demand a refi. Most likely the DOT allows them to accelerate the debt and demand payment in full upon any transfer of the underlying ownership that isn't exempted
by Garn-St. Germain.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">Sincerely,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">Eric<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">Eric C. Nelsen<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">SAYRE LAW OFFICES, PLLC<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">1417 31st Ave South<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">phone 206-625-0092<o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> wsbapt-bounces@lists.wsbarppt.com [mailto:wsbapt-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Lisa E Schuchman<br>
<b>Sent:</b> Wednesday, October 11, 2017 2:50 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv<br>
<b>Subject:</b> Re: [WSBAPT] Inherited mortgage<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Garamond","serif"">John, their deceased mother took out the mortgage. Would you expect the mortgage company to permit them to continue the mortgage in S’s name only, even though title will be
in both names? I ask that knowing that many mortgage companies have never heard of Garn-St. G.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Garamond","serif""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Garamond","serif";color:black">Lisa E. Schuchman<br>
206-960-4212<br>
<a href="http://www.lisaschuchman.com/" target="_blank">www.lisaschuchman.com</a><br>
<br>
I learn, I give. – Gloria Steinem<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Garamond","serif";color:black">NOTE: I do not use encrypted email. Messages sent to or from my office via email are not secure and may not be protected by attorney-client privilege. This email
address is not monitored at all times. If your matter is urgent, please phone my office during regular business hours.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Garamond","serif";color:black">Any tax advice included in this document and its attachments was not intended or written to be used, and it cannot be used, for the purpose of avoiding penalties
under the Internal Revenue Code.</span><span style="font-size:12.0pt"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:24.0pt;font-family:Webdings;color:green">P</span><span style="font-size:10.0pt;font-family:"Arial Narrow","sans-serif";color:green">
</span><b><span style="font-size:7.5pt;font-family:"Arial","sans-serif";color:#008100">Please consider the trees before printing this document</span></b><span style="font-size:12.0pt"><o:p></o:p></span></p>
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<p class="MsoNormal"><b>From:</b> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com">
wsbapt-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>John J. Sullivan<br>
<b>Sent:</b> Wednesday, October 11, 2017 2:41 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br>
<b>Subject:</b> Re: [WSBAPT] Inherited mortgage<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">So B and S are both mortgagors on the existing mortgage? Or was the mortgage taken out by the decedent they inherited the property from? If the latter, neither is personally obligated on the underlying note. <o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">If the former, B remains liable directly to lender under the promissory note. He would have to secure a release from the lender, which is rarely granted without S refinancing and qualifying separately. <o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Secure indemnification agreement with second position deed of trust? If brother is relieved of liability at time of transfer there might be consideration for REET purposes. <o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">John J. Sullivan<br>
<br>
Sent from my iPhone<o:p></o:p></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt"><br>
On Oct 11, 2017, at 2:27 PM, Lisa E Schuchman <<a href="mailto:lisa@lisaschuchman.com">lisa@lisaschuchman.com</a>> wrote:<o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Garamond","serif"">Sister (S) and brother (B), both adults, inherited a house from their mother on her death. We’re getting ready to close the probate and transfer title to them. They understand
that they can keep the existing mortgage without additional need to qualify. But if B later gifts his share of the house to S, can B disentangle himself from the mortgage obligation and leave S fully liable? I know that Garn-St. Germain wouldn’t apply to
that transfer, but since S is already in the place of the mortgagor can B get out of it? Does anyone have a better suggestion?</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Garamond","serif""> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Garamond","serif"">Thanks.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Garamond","serif""> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Garamond","serif";color:black">Lisa E. Schuchman<br>
206-960-4212<br>
<a href="http://www.lisaschuchman.com/" target="_blank">www.lisaschuchman.com</a><br>
<br>
I learn, I give. – Gloria Steinem</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Garamond","serif";color:black">NOTE: I do not use encrypted email. Messages sent to or from my office via email are not secure and may not be protected by attorney-client privilege. This email
address is not monitored at all times. If your matter is urgent, please phone my office during regular business hours.
</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Garamond","serif";color:black">Any tax advice included in this document and its attachments was not intended or written to be used, and it cannot be used, for the purpose of avoiding penalties
under the Internal Revenue Code.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:24.0pt;font-family:Webdings;color:green">P</span><span style="font-size:10.0pt;font-family:"Arial Narrow","sans-serif";color:green">
</span><b><span style="font-size:7.5pt;font-family:"Arial","sans-serif";color:#008100">Please consider the trees before printing this document</span></b><o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
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<p class="MsoNormal">_______________________________________________<br>
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<a href="http://mailman.fsr.com/mailman/listinfo/wsbapt">http://mailman.fsr.com/mailman/listinfo/wsbapt</a><o:p></o:p></p>
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