Re: Garn St. Germaine Act - Posted by Jim IL
Posted by Jim IL on January 21, 2000 at 19:59:47:
You may want to read the articles here and on www.legalwiz.com about the DOS .
Bill Bronchik offers some great advice and ways of structuring exactly what you are trying to do.
As for the Garn St. Germaine act you are reffering to, here is a small quote from it;
“”(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 -
(8) a transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property; or?"
You can also do a search on www.findlaw.com and www.alllaw.com to get the entire wording if that makes you feel better.