Mortgage Alienation Clause Violation?

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regioncorp

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If there are two owners of commercial real estate in Massachsetts who both sign a mortgage and then a year later one of the owners deeds his ownership interest to the co-owner, does this violate the due-on-sale/alienation clause in the mortgage and constitute grounds for foreclosure?
 
If there are two owners of commercial real estate in Massachsetts who both sign a mortgage and then a year later one of the owners deeds his ownership interest to the co-owner, does this violate the due-on-sale/alienation clause in the mortgage and constitute grounds for foreclosure?

I suggest you discuss this with a local attorney.

Deeding your interest in real property won't eliminate your legal responsibility to pay the mortgage.

It's a meaningless gesture, insofar as the lender is concerned.


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