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legalgems
legalgems, Arbitrator
Category: Real Estate Law
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My wife and I are refinincing...FHA loan...she is on the

Customer Question

my wife and I are refinincing...FHA loan...she is on the title but not the note. She is concerned that if I die she would loose the house. We are in WA state...community property. What protections does she have?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Washington
JA: Has any paperwork been filed?
Customer: signing today
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  legalgems replied 1 month ago.

Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

Expert:  legalgems replied 1 month ago.

Thank you for your question; it is always wise to think ahead for these situations.

fortunately the Garn St Germaine Act - a federal law- allows the surviving spouse to assume the loan, and the lender is not able to charge extra for this, or increase the interest rate. The idea is to allow the surviving spouse to remain in the home. For more information please see here Prior to this act, because of the Due on Sale clause, a lender could renegotiate the terms of the loan upon the death of the borrower; this is no longer allowed.

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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.

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