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Jeff L. Weaver, CDLP, RSC-d
Senior Loan Officer
NMLS 403726

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    With over a decade of experience in the mortgage industry, Jeff can help you explore the options available to you, so you can make the most informed decision about what is best for you and your family. Financing Real Estate is serious business and no one understands that more than Jeff.

    Jeff and his team of real estate experts provide all the tools you need to achieve your real estate goals. Jeff is committed to providing superior service to his clients. That's why he takes the time to get to know his clients' needs, and then helps them achieve their goals. He has extensive experience in the real estate and mortgage market and offers suggestions and solutions that work. His team of experts can help you take care of any real estate needs you may have during and after the transaction. That's why many of Jeff's satisfied clients refer him to their friends and family.

    Jeff Weaver's mission is to provide his clients and customers with a world-class real estate experience. Refinancing, buying or selling a home is the largest business transaction most of us will ever make and it can be a very complex and time-consuming experience. However, with Jeff, he makes certain that his clients will come away completely satisfied and stress free.

    Jeff is dedicated to his clients and customers and his greatest compliment is when his clients and customers refer him to their friends, family members and co-workers. Jeff is a graduate of Millersville University and lives in Exton with his wife Melissa and son Jackson.

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Avoiding the 'Due on Sale Clause' When Transferring a Deed in Divorce

11/19/2018

 
Although the Divorce Decree may determine who retains ownership of the marital home after the divorce is final, it is important to understand that the Deed, Decree and Debt are three entirely separate issues to settle.

The Deed & Transferring Ownership | Transfer of ownership can simply be done with a Quitclaim Deed or other instrument. When both parties are co-mortgagees on the mortgage note, there is typically no further action needed when retaining the current mortgage as-is. However, it is important to take action and notify the current mortgagor of the ownership transfer to avoid an acceleration of the mortgage due to a transfer of ownership when the party who is retaining the home is not obligated on the current mortgage note.

The Garn-St Germain Depository Institutes Act of 1982 protects consumers from mortgage lenders enforcing the due-on-sale clauses of their mortgage loan documents when the transfer of ownership includes transfers to a spouse, or children of the borrower, transfers at divorce or death, the granting of a leasehold interest of three years or less not containing an option to purchase and the transfer into an inter vivos trust (or a living trust) where the borrower is a beneficiary.

When one spouse is awarded the martial home and ownership is transferred leaving the current mortgage intact, the receiving spouse is agreeing to take sole responsibility for the mortgage payments through the assumption process. A loan assumption allows a transfer of ownership and leaves the loan intact at the same interest rate, loan terms and balance.

Assumption & Release of Liability | When a former spouse assumes ownership of the home and the mortgage, this does not always mean the mortgage lender will release the original borrower from their financial obligation or liability on the mortgage. A loan assumption is a transaction in which a person (the “assumptor”) obtains an ownership interest in real property from another person and accepts responsibility for the terms, payments and obligations of that other person’s mortgage loan. The assumptor is liable for the outstanding obligations and unless a release of liability is requested, the original borrower will remain liable as well.

It is always important to work with an experienced mortgage professional who specializes in working with divorcing clients
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