Is it OK for an individual to hold a mortgage on a house that is owned by their own revocable trust and TIN being the same for individual and trust?

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Is it OK for an individual to hold a mortgage on a house that is owned by their own revocable trust and TIN being the same for individual and trust?

adonis

Posted on: 21st Oct, 2010 03:23 pm

Is it OK for an individual to hold a mortgage on a house that is owned by their own revocable trust and TIN being the same for individual and trust?

Total Reply : 3

welcome robertjdotson,

an individual can hold a mortgage on a property which is placed in a revocable trust. however, if the person want to refinance the mortgage, then he or she will have to remove the property from the trust and then refinance it.

adonis

Posted on: 21st Oct, 2010 08:20 pm

If a trust owns the house and property, should it also "own" the debt, or is it OK for the loan to be held by the individual person (as opposed to the trust)?

Anonymous

Posted on: 22nd Oct, 2010 08:54 am

Hi Woody,

As far as I know, the lender may not issue a loan in the name of a trust. An individual will have to borrow the mortgage in his or her name for the concerned property.

Thanks

jameshogg

Posted on: 23rd Oct, 2010 12:25 am

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