landtrusts - Posted by cman

Real Estate Investing
1

Posted by Brent_IL on September 16, 2003 at 09:20:23:

Many banks will want you to take it out of the trust to write the loan and record the lien. Afterward, you can put the property back in trust if you want. I’m told that some banks have no objection to the property staying in trust. Either way, it isn’t a problem when you apply for a loan.

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landtrusts - Posted by cman

Posted by cman on September 15, 2003 at 19:31:01:

Is it wise to take your home & have it put in a landtrust? how do you go and put your home in a landtrust if you have a mortgage?

thanks>

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Re: landtrusts - Posted by Brent_IL

Posted by Brent_IL on September 16, 2003 at 24:44:16:

I think it’s wise to put your home in a land trust.

You have ownership; the bank has a lien. Get someone or some entity to agree to be the trustee and quit claim the property to the trust. Written trustee instructions will clarify the trustee’s duties.

There is a ton of information about trusts in the archives.

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Re: landtrusts - Posted by Dan

Posted by Dan on September 16, 2003 at 08:07:52:

Brent,

Is it possible to refinance your home in the future if you quit claim it to a trust?

Dan