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Morgage transfer

Will My Children Owe Mortgage Balance In Full When I Die?

By Christopher Combs | May 31, 2020

Question: I own three rental properties in Surprise. Each one has a bank mortgage with a “due on sale” clause, i.e., the mortgage must be paid in full upon any transfer of the rental property. My revocable living trust states that my three children become the owners of these three rental properties upon my death. Will the “due on sale” clause in each of these mortgages require my children to pay the entire mortgage balances on these rental homes when I die? Answer: No. Under a 1982 federal law there are exceptions to the enforcement by mortgage lenders of standard “due on sale” clauses in most mortgages. One exception is a transfer of the property upon death. Another exception is a transfer during lifetime by a homeowner of the property to a spouse or children. As a practical matter, however, most mortgage lenders just want the monthly mortgage payments and,…

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foreclosure

HOA Can Foreclose on Home for Unpaid Dues

By Christopher Combs | May 24, 2020

Question: Our mother has been struggling with dementia that has worsened over the last year. We recently moved her from her Mesa home to an assisted living facility in Gilbert. The Mesa home is both a physical disaster (with numerous repairs necessary) and an HOA paperwork disaster. The HOA dues total more than $3,000, and have not been paid by my mother for over a year. In addition, there are numerous unpaid HOA fines of more than $2,000 for overnight parking in the street and for not making repairs to the exterior of the home. The HOA’s management company has told us that there will be a foreclosure lawsuit filed shortly for the delinquent HOA dues of $3,000. The home is free and clear and worth $185,000. My sister and I are both elderly ourselves, and both of us live on fixed retirement income. What can we do to not…

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