Posted by JPiper on December 21, 1999 at 09:21:19:
Transfer to a relative at death is one of those exemptions from acceleration contained in the Garn St Germaine Act.
The loan continues…assuming your relatives pay…and they inherit the property at a “stepped-up basis”, the market value at the time of death.
JPiper
Estate planning help?? - Posted by Steve Heller
Posted by Steve Heller on December 21, 1999 at 07:23:33:
Can anyone shed some light on what happens to my rentals at the time of death. That is, do mortgage companies continue on with the loan to my heirs? I know this is a morbid thought at this time of year but really need to know.
Thanks,
Steve