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The trust (and trustees) might be able to get such a loan, provided the terms of the trust are examined by the bank and found to permit the bank to foreclose (take possession) of the home in case of default. Some lawyers insert restrictions on the type of risks that can be taken with property held in trust for others.
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If my name is on the title of the home. Do I have equity in the home?
Yes you do. *Clarification: if you own the home you are owner of any equity that may be realized by the sale or leveraging of the property. That does not mean the home has equity. It only has equity if it is worth more than loans or liens held against it.
Can a trustee get a loan on the property held in trust to pay off heirs?
Trustee is not the owner of the property and hence he will have no right to sell the property held under trust.
In Massachusetts can your son place a lien against your home that is held in a trust for the costs of improvements that he made if there was no agreement for repayment?
If there were improvements made on the home or a loan taken out against the property, and they person/company goes through the proper steps, yes. The property being in trust does not affect that ability. It may be that your son is insuring that down the line when the trust has served its purpose that he wants to protect his investment.
What are the pros and cons of consolidating a home loan?
A home load is held to be some pros and cons because with it, the other work may be affected or to say the other things have to be disturbed in order to the Home Loan.
If a property is held in tenancy in common and they divorce how is that effected?
One way to remove one or the other person off the deed of trust, is to refinance the loan.
What happens to a loan on a car when the loan holder dies and there is no cosigner or insurance on the loan?
The loan must be paid out of the estate (sell of home, life insurance policy, etc...) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be forced to pay the loan.
Who has the legal title of the property in a trust?
Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.
Can a trust lend money to a beneficiary to buy a house even though the trust usually distributes income to the beneficiary at year end?
You need to review the terms of the trust. The instrument that created the trust sets forth all the powers of the trustee. You need to determine if the trustee has the power to loan money from the funds held in trust.
If funds need to be used that are in a trust how do you get the funds out?
Funds that are held in trust are under the complete control of the trustee. The provisions of the trust dictate how the trustee will manage those funds. You need to review the terms of the trust with the trustee and determine how and if the funds can be accessed. If the terms of the trust are insufficient or there is no provision under which the trust property can be accessed then a court of equity has the power to modify the trust. You may need to seek the advice of an attorney who is familiar with trust law in your state.
The trustees of an Estate held in trust have been spending the trust assets on personal items and personal loans and withholding distribution to the beneficiary. What can we do?
You need to file a lawsuit in a court of equity immediately. You should consult with an attorney ASAP.You need to file a lawsuit in a court of equity immediately. You should consult with an attorney ASAP.You need to file a lawsuit in a court of equity immediately. You should consult with an attorney ASAP.You need to file a lawsuit in a court of equity immediately. You should consult with an attorney ASAP.
Your ex-husband and you jointly own a home which he lives in He can't refinance and I don't want to be held responsible for the loan if he defaults How can you get your name off the loan?
3 words: Sell the house.
How can one refinance home and mortgage?
Refinancing one's home and mortgage payments requires one to access the account that is held based on the bank the loan was taken from. Refinancing does not remove debt, but rather just changes the way that you pay for the loan.
