Posted on: 21st Aug, 2010 06:18 pm
We are about to complete the process of refinancing our home, which is currently owned partly by our family trust. Our mortgage broker claims we need to sign title documents placing ownership into our own names and then somehow it gets back into the trust. Is this true? What is the process for this? Should we consult a lawyer?
Hi Rachel,
If the property is in the trust, you won't be able to qualify for a loan on that property. You need to remove the property from the trust and take out a mortgage on it. After that, you can place the property back into the trust. You can consult a real estate lawyer in this regard.
If the property is in the trust, you won't be able to qualify for a loan on that property. You need to remove the property from the trust and take out a mortgage on it. After that, you can place the property back into the trust. You can consult a real estate lawyer in this regard.