Legal Question in Real Estate Law in New York
can a deed holder to a property transfer deed even though there may be a mortgage on that property?
Asked on 4/27/13, 6:05 pm
2 Answers from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
Yes, but it might cause an accelleration in the payment.
Answered on 4/27/13, 6:29 pm
Kevin Connolly
Kevin J. Connolly
What Walter said is 100% correct buy a little obscure. To put it a little differently: you have the power to transfer the property subject to the mortgage but there may be a clause in the mortgage that allows the bank to declare a default: this is sometimes called a "Due On Sale" clause.
Answered on 4/27/13, 6:45 pm
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