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Alienation clause is an important term to understand. Bankrate explains what it is.
In mortgage terms, an alienation clause is a provision in the contract signed with the lender that states that the borrower must pay the mortgage in full before the borrower can transfer the property to another person. An alienation clause goes into effect whether the property transfer is voluntary or involuntary.
Also called a due-on-sale clause, an alienation clause is included in a mortgage agreement to prevent new buyers from assuming the mortgage. In the case of an assumption, the new buyer would pay for the property with the old interest rate. To prevent this, lenders include the alienation clause, requiring homeowners to pay the balance of the mortgage in full. This, in turn, requires the new buyer to have to negotiate new terms at a new interest rate that is in line with current housing market conditions.
A lender does not have to act upon an alienation clause if it chooses not to. The following situations fall under the Garn-St. Germain Depository Institutions Regulation Act of 1982, which prevents the enforcement of an alienation clause:
In cases where the lender chooses to follow through with the alienation clause, the lender must first notify the homeowner of the intent to accelerate the mortgage or speed up the repayment of the full loan amount. Once homeowners are aware of the acceleration of the payment of the loan amount, they have at least 30 days from the date of the notice to pay the full amount of the mortgage. Most of the time, an alienation clause is binding upon the homeowner.
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