Posted on: 30th Jan, 2009 11:42 am
If the property is in a irrevocable trust can we still refinance?...We were told that we would need to take the property out of the trust in order to finance?
How can it be done without changing the trust. Can you please provide more information on this subject.
How can it be done without changing the trust. Can you please provide more information on this subject.
Hi neal_honma!
Welcome to forums!
I think, this will depend upon the state's laws regarding trusts. You can contact a legal counsel who will go through the trust deed and see if you need to revoke the trust in order to refinance the property.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
I think, this will depend upon the state's laws regarding trusts. You can contact a legal counsel who will go through the trust deed and see if you need to revoke the trust in order to refinance the property.
Feel free to ask if you have further queries.
Sussane
Sussane,
Yes, there are ways to refi when a property is in a irrevocable trust. I have done several refinances for my customers like this over the last couple years. Please email or call me for information.
Best regards,
Michael Coffer
[Promotional text deleted as per forum rules. Thanks.]
Yes, there are ways to refi when a property is in a irrevocable trust. I have done several refinances for my customers like this over the last couple years. Please email or call me for information.
Best regards,
Michael Coffer
[Promotional text deleted as per forum rules. Thanks.]
How can I go about refinancing a property in an irrevocable trust?
I'm finding it difficult finding a lender who will do this.
Any Suggerstion??
Thanks,
Jim
I'm finding it difficult finding a lender who will do this.
Any Suggerstion??
Thanks,
Jim
Hi Jim,
You will have to remove the property from the irrevocable trust and then apply for a refinance. You can contact a real estate attorney and he will let you know how you can remove the property from the irrevocable trust.
Take care
You will have to remove the property from the irrevocable trust and then apply for a refinance. You can contact a real estate attorney and he will let you know how you can remove the property from the irrevocable trust.
Take care
Without changing the trust? Well, you have to consult your problem to some mortgage broker since there certain factors that will affect refinancing property.
