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Can any liens be placed on my home if it's in an revocable trust?
Wiki User
∙ 15y ago
Trust law is extremely complicated. And yes, an improperly drafted trust can leave your property exposed to creditors and taxes. A revocable trust implies that you maintained some control over the property. That may cause the property to be exposed to creditors. The surest way to protect property is with an irrevocable trust. You should consult with an attorney who specializes in trust law and tax law.
Wiki User
∙ 15y ago
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Does your home jointly owned by your wife and you have to be transferred to your revocable trust?
That is a decision you make on your own based on the reasons for which you have a trust. There is no special rule book telling you what to transfer to your trust. If you want your home to be transferred out of your individual names and into a trust then you must execute a deed signed by both owners transferring the property to the trustee of the trust.It doesn't sound as though you know much about your "revocable trust". Trust law is extremely complex. Transferring your property to a revocable trust will keep the property in your names for tax purposes. It may also make the property vulnerable to creditors. It sounds as though you should consult with an attorney who specialize in trusts and estate planning before drafting any legal documents and transferring property on your own.
Who satisfies liens on foreclosed property?
The person responsible for the liens must satisfy the liens. When a home is foreclosed on, the liens are removed before the next buyer purchases the home.
If you owe the IRS and several banks money and they have placed liens on your home and you sell it who gets their money first?
If you try and sell it, everyone will get paid before you can provide title over to the buyer. The primary mortgage holder will get their money first. Then the liens, usually in the order they were placed on the property will get paid off. If there is anything left, you will receive the balance. Put another way, you must pay off the liens to sell the property. It can be at the time of sale. That's the point of the lien. They get paid before you.
Funeral home liens on mobile home?
If you owe money, they can put a lien on your home. Even a mobile home.
Do all judgments put liens on home titles?
No. A judgment has to be docketed for there to be a liens. This, of course, is referring to civil or small claims financial judgments.
Home equity is?
Home equity is defined as the difference between the fair market value and any liens on the home.
What does Mrs.Jones do and say instead to win Roger's trust?
When they reached home Mrs.Jones left the door opened and placed her purse in front to Roger.
Can credit card companies file liens on your home in California if it is in a Living Trust?
That all depends on the trust and whether it was properly drafted to remove your property from your estate and place it out of reach from your creditors. If your trust was improperly drafted your property will remain vulnerable to creditors. One of the most common trust errors made is for the grantor of the trust to retain control over the trust property by acting as the trustee and often as the beneficiary as well. In that scheme no trust was created and the property is still in the estate of the grantor. Your trust needs to be reviewed.
Can a lien be placed on a house that is in a trust in Massachusetts?
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.
What are all the liens included in junior liens?
The types of liens that are common junior liens are mortgages filed after the first, Home equity lines of credit (HELOC), mechanic's liens, back child support payments, property taxes, past due HOA assessments, dues and fees, IRS, court judgments (if they are attached to your property by a judge). If the first mortgagee successfully forecloses on a property, all liens attached are wiped out except for property taxes, IRS liens, and child support.
Can a creditor place a lien against your home in the state of Ohio?
Liens against a persons home in Ohio.Free tibet
How can you sell a paid off home inherited by you through a revocable trust?
If the property is owned by the trust, the trustee must execute a deed from the trust to you. In order to execute a validdeed the trustee must be given the power to sell real estate in the document that created the trust. Once the deed to you has been executed and recorded in the land records you will be the record owner and you can sell the property by executing a deed in favor of the purchaser.A deed from a trust should be executed in the trustee's name as the trustee of the trust. The grantor on the deed should be recited as, "Buddy Guy, as the Trustee of the Best Blues Trust" grants to BB King . . . ."
