Legal Question in Real Estate Law in Massachusetts
chaning deed without consent of mortgagee
My father has a mortgage on his property and changed the deed by creating a life estate for himself and adding children to deed as joint tenants in common. Was this legal without the knowledge and consent of the lender? Shouldn't his attorney asked if there was a mortgage on the property before creating the deed for my father?ney who drew up
2 Answers from Attorneys
Re: chaning deed without consent of mortgagee
Yes --- I wouldn't call it illegal, but there is a clause in almost every mortgage that the beneficial interest in the property may not be transferred without the permission of the lender. So there is likely a violation. It usually does not become an issue unless the lender finds out and has some reason to call in the loan. This is rare. Also, many lenders give their permission freely, especially if the transfer is within the family.
Re: chaning deed without consent of mortgagee
Yes- but it is not illegal. Most lenders would give their permission in these circumsatances and while alienation of the property without their permission is probably not allowed, it is unlikley to arise as an issue unless the mortgage is foreclosed upon.
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