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If u owe a small amount on your home say 40,000 can u put it…

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If u owe a small...
If u owe a small amount on your home say 40,000 can u put it in your son's name
Submitted: 2 years ago.Category: Legal
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Answered in 4 minutes by:
10/21/2015
Lawyer: Richard, Attorney replied 2 years ago
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 57,043
Experience: Attorney with 29 years of experience.
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Good evening. My name is ***** ***** I look forward to helping you.

Yes, you can transfer the house without causing an acceleration of the mortgage. The assignment of the property to your son will be subject to the lien securing the existing mortgage so if the monthly payments are not made, the lender would have the right to foreclose on its lien on the property. But, pursuant to the following Federal law, the lender cannot accelerate the loan due to the transfer:

"

12 U.S. Code § 1701j–3 - Preemption of due-on-sale prohibitions

(d) Exemption of specified transfers or dispositions

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—

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

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Customer reply replied 2 years ago
Please cancel my applecation on this
Lawyer: Richard, Attorney replied 2 years ago

Did I not answer your question fully? If I misinterpreted your question in any way, please let me know. Thank you!

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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