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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53976
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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My brother died last week and his home mortgage in Florida

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My brother died last week and his home mortgage in Florida is in his name only. What does his wife have to do, if anything to have the home mortgage transferred to her name? Is she subject to credit approval from the mortgage company?
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  Richard replied 7 months ago.
Good morning Don. My name is ***** ***** I will be helping you today! It will take me just a few minutes to type a response to your question. Thanks for your patience!
Expert:  Richard replied 7 months ago.
She need not worry about this. She can simply continue to pay the mortgage as the payments become due. Federal law prohibits the bank from calling the loan. Specifically, the Federal law provides as follows: "12 U.S. Code § 1701j–3 - Preemption of due-on-sale prohibitions(d) Exemption of specified transfers or dispositionsWith 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;" Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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