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My husband passed away a few years ago, and his name is the…

Hello: My husband...

Hello: My husband passed away a few years ago, and his name is ***** ***** name on our mortgage. My name is ***** ***** deed and the loan is under joint tenancy. It is my understanding a law was passed in the 1980's that the mortgage company can not charge many any fees of any kind to get the mortgage in my name. Is that correct ?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No not yet, but continually making the payment on a regular basis.

Lawyer's Assistant: Where is the property located?

Colorado

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I don't think so

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Answered in 1 minute by:
3/14/2018
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 56,565
Experience: Attorney with 29 years of experience.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Good morning. There is a Federal law that prevents a lender from accelerating the existing mortgage upon the transfer of the property in certain situations. This law governs no matter what the loan documents may provide. Specifically, the law is as follows:

“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—

(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;”

Richard
Richard, Attorney
Category: Legal
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