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Re:due on sale cause invoked at death (1 viewing) (1) Guest
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TOPIC: Re:due on sale cause invoked at death
#1077
chris (User)
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due on sale cause invoked at death 6 Months, 3 Weeks ago Karma: 1  
Client dies and the bank finds out. Bank wants to call the loan. Cant find language in the mortgage that says they can call the loan at death. Mortgage states that upon a transfer the mortgage is due. Bank is saying that death creates a transfer. Is that right?
 
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#1095
Miami LS (User)
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Re:due on sale cause invoked at death 6 Months, 3 Weeks ago Karma: 0  
When the debtor dies, lender's usually require someone else (i.e. executor) to provide "assurance" that the loan will be repaid. I havent seen them call a loan at death. Have the executor provide assurance.
 
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#1315
lex_advoc (User)
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Re:due on sale cause invoked at death 5 Months, 2 Weeks ago Karma: 0  
The mortgage has not yet due. No valid transfer.
 
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#1393
lex_advoc (User)
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Re:due on sale cause invoked at death 5 Months ago Karma: 0  
It ain't right at all. No ipso facto transfer upon death was made.
 
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