Under federal law 12 U.S.C. Section 1701j-3(d) there are exemptions to the due on sale clause on mortgage agreements when a property deed is changed:
6) a transfer where the spouse or children of the borrower become an owner of the property;
Does this allow for complete transfer, I.e removing myself and replacing with my spouse (not just the addition of a spouse to a deed)?
I don’t want the mortgage company to enforce a due on sale clause…
Asking as for overseas tax reasons it could be beneficial to not have a property in my name.
I asked a real estate lawyer about this and he was concerned about the wording “become an owner” rather than “the” owner. He said call the mortgage company…. I mean what’s the point of being a real estate lawyer…
My mortgage currently transferring between lenders so they are no use right now.
