can I transfer title to trust if a morgage is on the property

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can i transfer title to property to a trust if it has a morgage


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Sure, that is done all the time. You may face additional hurdles if/when you do a refinance down the road, as home will likely have to be taken back out of trust and title/lender will need copy of the trust.

Answered 7 months ago
Ted Rood
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Yes you can do so with ease. A trust is usually revocable prior to any of the trustor’s passing and as such is a non-juridical entity. Once someone passes the trust becomes non-revocable and then you have some hurdles transferring property in and out.

When a trust in still revocable and you are refinancing a primary residence you don’t even need to change the title to the property out of the trust. Fannie Mae has guidelines for dealing with trust titled properties, including guidance for signing the documents, can be found on it’s website efanniemae.com.

Answered 7 months ago
7 months ago Ted Rood said:
 

While Fannie may allow homes in revocable trusts to be refinanced, many lenders have restrictions, hence the most common case is quit claiming the deed out of the trust for the transaction, then back into the trust if that is the desired ownership.


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