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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 33166
Experience:  17 years of legal experience including real estate law.
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tina, if u r online now, I have a quick followup question regarding

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tina, if u r online now, I have a quick followup question regarding our discussion of last night on the possible acceleration of a mortgage that I have with my brother....please let me know if u r online, and I will send you my question
Hello again,

Yes, you just caught me as I was about to sign off for a while. What is your question for me?
Customer: replied 3 years ago.


did u receive my question?

No, I'm sorry but I didn't receive anything yet.
Customer: replied 3 years ago.


K....assuming I take my chances and execute a quit claim deed and SUBSEQUENTLY the mortgage co. finds out, but does NOT act on this information.....in this case, does their lack of inaction help me (that is, there are essentially "approving" of my actions if they, in fact, take no action) OR am I protected my some statue of limitions?

Hello again, Donald.

Transferring ownership of the property is essentially a breach of contract issue since the agreement you have with the lender indicates you are not to transfer ownership of the property. The statute of limitations is typically 5 years in VA to pursue a breach of contract claim, from the time the lender is made aware of the breach (transfer of ownership) unless the loan documents agrees to a different period of time.

So if they are made aware of the transfer and do nothing for 5 years, then he SOL could be used as a defense to any attempt to pursue litigation against either of you due to the transfer of ownership, but they could still accelerate the loan at any time since the SOL would not affect that contractual right typically.

I hope this helps clarify the situation for you. My goal is to provide you with excellent service – if you feel you have received anything less, please reply back as I am happy to address follow-up questions. Kindly rate my service when I have answered your questions so I will be compensated for my time assisting you. Thank you!

Tina

Customer: replied 3 years ago.


but if there is a breach of contract and they take NO action, would they not then be "agreeing" to said breach

No, I'm sure there is a clause in the loan documents (but you should check to make sure) which states something to the effect that any decision not to take action on the lender's part is not deemed to be a waiver of their right to take such action. That would typically protect them against such an argument.

I hope this helps clarify the situation for you. My goal is to provide you with excellent service – if you feel you have received anything less, please reply back as I am happy to address follow-up questions. Kindly rate my service when I have answered your questions so I will be compensated for my time assisting you. Thank you!

Tina

Tina and 3 other Real Estate Law Specialists are ready to help you

Thank you again for your positive rating of my service. It has been my pleasure to assist you and I hope you will ask for me should a future legal need arise.

Have a wonderful weekend Donald!

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