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<p class="MsoNormal">I was thinking about this a little over the weekend, and recalled seeing a case that stood for the proposition that there is no occupancy requirement to Garn St Germain. It’s an unpublished case, and there are not many published cases on
Garn St Germain, which tells you this is a bit of the wild west. The attached handout from WealthCounsel discusses the issue of whether to inform the lender.<o:p></o:p></p>
<p class="MsoNormal">Best, <o:p></o:p></p>
<p class="MsoNormal">Nick<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Philip N. Jones<br>
<b>Sent:</b> Saturday, December 17, 2022 9:20 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] Deeding rental property to Rev Living Trust<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">I have never sought permission, and never had a problem.<o:p></o:p></p>
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<p class="MsoNormal">Phil Jones<o:p></o:p></p>
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<p class="MsoNormal"><b><span style="color:black">From:</span></b><span style="color:black">
<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>> on behalf of Nick Pleasants <<a href="mailto:npleasants@ohswlaw.com">npleasants@ohswlaw.com</a>><br>
<b>Sent:</b> Friday, December 16, 2022 2:08:45 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] Deeding rental property to Rev Living Trust</span> <o:p>
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<p class="MsoNormal"> <o:p></o:p></p>
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<p class="xmsonormal">I don’t see anything in the statute I referenced that refers to whether the borrower is residing in the property. So the fact that it is currently rented out should not impact the applicability of the preemption.<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
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<p class="xmsonormal"><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">wsbapt-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b>Ann Manley<br>
<b>Sent:</b> Friday, December 16, 2022 1:52 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] Deeding rental property to Rev Living Trust<o:p></o:p></p>
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<p class="xmsonormal"> <o:p></o:p></p>
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<p class="xmsonormal">So you don't get the mortgage company's permission even if the borrowers don't currently reside in the property?<o:p></o:p></p>
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<p class="xmsonormal"><br clear="all">
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<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Ann Manley, Esq.</span><o:p></o:p></p>
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<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">The Manley Law Firm, P.S., Inc.</span><o:p></o:p></p>
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<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">PO Box 16324</span><o:p></o:p></p>
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<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Seattle, WA 98116</span><o:p></o:p></p>
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<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">(206)292-3064 / (206)292-3914 fax</span><o:p></o:p></p>
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<p><b><i><span style="font-size:10.0pt;font-family:"Arial",sans-serif">The Manley Law Firm practice areas include Bankruptcy*, Estate Planning, Auto Accidents, Civil Litigation, Construction, Commercial and Contract Law, Employment Matters, Personal injury,
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<p class="xmsonormal">On Fri, Dec 16, 2022 at 1:49 PM Nick Pleasants <<a href="mailto:npleasants@ohswlaw.com">npleasants@ohswlaw.com</a>> wrote:<o:p></o:p></p>
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<p class="xmsonormal">No permission needed. The mortgage company is preempted from taking action on a transfer to an inter vivos trust where the borrower is beneficiary and retains the right to live.
<a href="https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.law.cornell.edu%2Fuscode%2Ftext%2F12%2F1701j-3&data=05%7C01%7Cpjones%40duffykekel.com%7C5195a5009f834d5f6d1f08dadfb27bdb%7C2d66ed5354fa4c2f8c4dbff1aca5479d%7C0%7C0%7C638068254930899865%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C2000%7C%7C%7C&sdata=tJFob1GJodYnOOpUmaQh3JRiHjTVpzxJTzc8Y5FKHxc%3D&reserved=0" target="_blank">
12 USC § 1701j-3</a>(d)(8). We very rarely notify the mortgage holder.<o:p></o:p></p>
<p class="xmsonormal">If you transfer a mortgaged property to an LLC, that is a different animal, and I might advise obtaining the lender’s permission prior to the transfer. And you need to add LLC as named insured on the P&C insurance prior to recording the
deed.<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal"><b><span style="font-size:12.0pt;color:black">Nicholas Pleasants | Shareholder
</span></b><o:p></o:p></p>
<p class="xmsonormal"><b><span style="color:black"> </span></b><o:p></o:p></p>
<p class="xmsonormal"><span style="color:#70AD47"><img border="0" width="223" height="95" style="width:2.3229in;height:.9895in" id="x_m_-4026983525536127726Picture_x0020_1" src="cid:image001.jpg@01D91566.2D59AF00" alt="OseranHahnAttyatLaw 8"></span><o:p></o:p></p>
<p class="xmsonormal"><span style="color:#70AD47"> </span><o:p></o:p></p>
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Main: (425) 455-3900 | Fax: (425) 455-9201 | E-mail: <a href="mailto:npleasants@ohswlaw.com" target="_blank">
<span style="color:#0563C1">npleasants@ohswlaw.com</span></a> </span><o:p></o:p></p>
<p class="xmsonormal"><span style="color:black"> </span><o:p></o:p></p>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Times New Roman",serif;color:#1F497D">CONFIDENTIALITY NOTE: This e-mail message contains information belonging to the law firm of Oseran Hahn, P.S., which may be privileged, confidential and/or
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<p class="xmsonormal"><b>From:</b> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">
wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b>Ann Manley<br>
<b>Sent:</b> Friday, December 16, 2022 12:56 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com" target="_blank">wsbapt@lists.wsbarppt.com</a>><br>
<b>Subject:</b> [WSBAPT] Deeding rental property to Rev Living Trust<o:p></o:p></p>
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<p class="xmsonormal"> <o:p></o:p></p>
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<p class="xmsonormal">It's advisable to get permission from a mortgage co. before transferring non-primary residence property to a RLT, right? Has anyone had the experience where the mortgage co. doesn't give permission? What would happen if you transferred
the property without getting permission ahead of time?<o:p></o:p></p>
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<p class="xmsonormal"><br clear="all">
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<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Ann Manley, Esq.</span><o:p></o:p></p>
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<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">The Manley Law Firm, P.S., Inc.</span><o:p></o:p></p>
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<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">PO Box 16324</span><o:p></o:p></p>
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<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Seattle, WA 98116</span><o:p></o:p></p>
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<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">(206)292-3064 / (206)292-3914 fax</span><o:p></o:p></p>
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<p><b><i><span style="font-size:10.0pt;font-family:"Arial",sans-serif">The Manley Law Firm practice areas include Bankruptcy*, Estate Planning, Auto Accidents, Civil Litigation, Construction, Commercial and Contract Law, Employment Matters, Personal injury,
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<p><i><span style="font-size:8.0pt;font-family:"Arial",sans-serif">* The Manley Law Firm is a Debt Relief Agency. We help people file for bankruptcy relief under the Bankruptcy Code.</span></i><o:p></o:p></p>
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