Q: Garn St Germain Act of 1982
Is this relevant regarding my issue? - My parents both passed away in 2015. Being their only surviving child, I inherited their home and business. There are two mortgages by the same bank - 1 residential and 1 commercial. The bank is stating they want to foreclose due to death of borrower(s). They understand I have made payments and kept accounts current, but they do not care as I am not the borrower. I have researched and only come up with this federal act, which as I read, states I am exempt because I am their child, a direct heir and they cannot demand full payment/foreclosure. I have lived in the home since it was built, less a few years for college/work. I do not understand why they want to foreclose, since I am paying it. All attorneys I speak with, including my estate attorney - say they never heard of this and cannot help or offer suggestions. There has got to be someone that practices in New Jersey that is familiar with this and can help. Please.
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A: The full title of the law you are referring to is "The Garn-St Germain Depository Institutions Act of 1982" This act provides for the Federal preemption of any limitations on the exercise of due-on-sale clauses imposed by state law. The fact that one is residential and the other is commercial may complicate this matter and the applicability of the Act. Your Estate attorney is not a Mortgage Foreclosure Defense Attorney, so it does not surprise me that he did not know of the Act. To properly answer your questions and concerns, you will need to have an in person consultation with an experienced Mortgage Foreclosure Defense Attorney. Good luck.
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