Tag: assumptions

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Servicing

The Transfer an AI Servicing Agent Cannot Refuse to Discuss: Garn-St Germain, the Due-on-Sale Clause, and the Assumption Request the Note Did Not Anticipate

A servicer's reflex when a property changes hands is to protect the lien and enforce the due-on-sale clause. Federal law forbids that on a specific list of transfers: the Garn-St Germain Act and 12 CFR 591.5(b)(1) bar acceleration on a death, a transfer to a relative or a spouse, a divorce settlement, or a move into the borrower's own living trust. An agent trained to protect the lien will decline to talk to the widow who just inherited the house, which is precisely the unlawful move. Here is how we route these calls, the determination a human keeps, and why 'not on the note' can never mean 'no.'

Sep 25, 20264 min read

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