Re: Telling Lender of transfer … - Posted by JPiper
Posted by JPiper on January 20, 1999 at 22:43:47:
Bronchick said all that?? I guess I?ve been doing it wrong all this time. But here?s my take on it.
First, I don?t ever send a letter. I?m sure if Bronchick said to do it, that?s probably the right way. But my attitude is that I?m not going to help the bank figure anything out. I figure that if the bank discovers it (a doubtful event) then they can contact me. If they contact me I will send a letter stating what took place?.that the property was deed into a trust. Then we go from there. How many times has this happened in the last decade?? None.
By the way, I do send a letter?.a letter changing the address on the account. But that?s it.
My theory is that the bank will have no difficulty with the transaction as long as they receive their payment in a timely fashion. And this has proven to be true.
I?m definitely open to correction on this, but the Garn St. Germaine Act applies to federally insured institutions. So as long as the institution that you?re dealing with fits within that, the transfer to a trust is permissible. Again, I?m open to correction if I?m mistaken, but it won?t change my particular method.
By the way, I would check regarding the rules concerning Chapter 13 bankruptcy. It?s possible that the court might have to approve a sale. I don?t know this for a fact, but it?s something I would check to be on the safe side.