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N Cal Attorney
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Experience:  Since 1983
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If a mother owns title to a parcel of real estate and she has

Resolved Question:

If a mother owns title to a parcel of real estate and she has a loan on it, and she later as the Grantor executes and records a deed that grants title to herself, and her Son as Grantee,. and later she grants her interest in the property to her Son. The loan is still in her name, A year later the mother dies,

Question; Can the Son keep making the payments on his mother's loan and take over the loan in his name? the proprty is in California.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  N Cal Attorney replied 1 year ago.
The answer is yes under the Garn St. Germain Act, see
http://www.reiclub.com/articles/no-due-on-sale-jail
which states:

With respect to a real property loan secured by a lien on residential real property containing less than five dwelling units, including a lien on the stock allocated to a dwelling unit in a cooperative housing corporation, or on a residential manufactured home, a lender may not exercise its option pursuant to a due-on-sale clause upon -
///
5) a transfer to a relative resulting from the death of a borrower;

6) a transfer where the spouse or children of the borrower become an owner of the property;
///

Both transfers fall within one of the exceptions to the due on sale clause, so you do appear to have the right to assume the existing financing.

I hope this information is helpful.
N Cal Attorney, Lawyer
Category: Real Estate Law
Satisfied Customers: 8152
Experience: Since 1983
N Cal Attorney and other Real Estate Law Specialists are ready to help you
Expert:  N Cal Attorney replied 1 year ago.
Thank you for the Excellent rating!

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