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I am refinancing our home and the loan will be in my name.

Customer Question
I am refinancing our...

I am refinancing our home and the loan will be in my name. What happens if I die before my husband? Can he just make the payments? I live in CA.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

California

Lawyer's Assistant: Has any paperwork been filed?

Not yet.

Submitted: 11 months ago.Category: Real Estate Law
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Answered in 5 minutes by:
9/22/2017
Real Estate Lawyer: legalgems, Arbitrator replied 11 months ago
legalgems
legalgems, Arbitrator
Category: Real Estate Law
Satisfied Customers: 14,045
Experience: Just Answer consultant at Self employed
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Real Estate Lawyer: legalgems, Arbitrator replied 11 months ago

Most loans have a due on sale clause that is also triggered by the death of a borrower. But, as you can probably imagine, this resulted in a lot of spouses/relatives being forced out of their home, so this resulted in the passing of a Federal Act, called the Garn-St Germain Act of 1982. This basically allows a surviving relative to assume the loan, at no additional fees. They can have their name placed on the loan and they simply need to provide documentation showing they can afford the mortgage. There can be no charge for this.
The act is located here:
https://www.fdic.gov/regulations/laws/rules/8000-4100.html

So basically the survivoring relative simply assumes the loan and can have both the title and the deed in their name.

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Customer reply replied 11 months ago
What if he just continues to make the payments?
Real Estate Lawyer: legalgems, Arbitrator replied 11 months ago

If a person continues to make payments on a decedent's account without notifying the lender of their passing, the lender can sue for fraud and call the mortgage due - the federal act is designed to allow a spouse to assume the loan without incurring additional fees (ie refinance fees).

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Real Estate Lawyer: legalgems, Arbitrator replied 11 months ago

Hello again; just checking in to see how things worked out;

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if you have further questions please don't hesitate to reach out to me here on Just Answerand I will do my best to get you the requested information.
Thanks!

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