Posted on: 11th Nov, 2008 02:40 pm
can i get a lady bird deed if i have a home equity loan?
Hi bjluce!
Welcome to forums!
Do you want to transfer property through the lady bird deed? Whether you can do this or not will depend upon your mortgage documents. You can check whether the lender has mentioned an acceleration clause in the mortgage documents. It allows the lender to declare the mortgage due in case of a breach of contract, bankruptcy, non-payment of taxes or not following the loan covenants. In that case, the lender may call the mortgage due because of the transfer of property through lady bird deed.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Do you want to transfer property through the lady bird deed? Whether you can do this or not will depend upon your mortgage documents. You can check whether the lender has mentioned an acceleration clause in the mortgage documents. It allows the lender to declare the mortgage due in case of a breach of contract, bankruptcy, non-payment of taxes or not following the loan covenants. In that case, the lender may call the mortgage due because of the transfer of property through lady bird deed.
Feel free to ask if you have further queries.
Sussane
the house is in my husbands name. (he bought the house before we got married.) we have a quit claim deed. his will leaves the house to me. however, i have been advised that it might in my best interest to get the lady bird deed so if he passes away, i can get the house without going through probate. the house is paid off, however we do have a home equity loan for about another 12 years.
thanks.
thanks.
Hi Brenda Luce!
If your husband and your name is on the mortgage, and if you husband transfers the property to you by a lady bird deed, then I don't think that the lender will have any objection. But in case, he transfer the property to someone else whose name is not on the mortgage, then the lender may object.
Thanks.
If your husband and your name is on the mortgage, and if you husband transfers the property to you by a lady bird deed, then I don't think that the lender will have any objection. But in case, he transfer the property to someone else whose name is not on the mortgage, then the lender may object.
Thanks.