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Federal law prohibits financial institutions from calling or accelerating your loan when you transfer property to your living trust as long as you are the primary beneficiary of your trust and you continue to live in that home as your primary residence. The only exception to the federal law, enacted as part of the 1982 Garn-St. Germain Act is that it does not provide for such protection for residential real estate with more than five dwelling units.
Schening & Dopke Law, LLC is located in South Elgin, IL and serves clients throughout Kane, DuPage, DeKalb and Cook Counties and the surrounding areas.
