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There should be a provision in the trust for the appointment of a successor trustee. A trust cannot act, it needs a trustee (think human being) to act for it. The new trustee can apply for the mortgage. The bank will want to review the trust to make certain that the trust is valid and the title to the real property is in the trust.
For example, the mortgagor would be Kathryn Stewart, as trustee of the Norwattuck Mountain Trust. Any real property conveyed to the trust should be conveyed to the trustee as stated above.
What else can I help you with?
What does irrevocable property purchase offer mean?
Not possible to undo or take back.
Is it possible to mortgage more than the purchase price of a property?
Yes, it is possible to mortgage more than the purchase price of a property through a loan known as a "cash-out refinance." This type of loan allows homeowners to borrow against the equity in their property, potentially exceeding the original purchase price.
Is it possible to get cash back on a mortgage refinance?
It is indeed possible but you should first determine if refinancing your mortgage will be favorable. You can then apply for a new mortgage after you have decided on the amount of cash that you need.
Where is it possible to get a no closing cost home mortgage?
It is possible to get a no closing cost home mortgage from many providers. An example of one of these is a mortgage from Nation Wide mortgages. There is more information about this on their website or on Ehow.
Is it possible to break a irrevocable trust?
You can break an irrevocable trust only if there was some legal error involved in the establishment of that trust. If there was an error, you can then go to court and ask to have the trust invalidated on the grounds of that error. If there was no error, then no, you cannot break it.
What does irrevocable property purchase offer mean?
Not possible to undo or take back.
What does the word irrevocable mean?
Irrevocable Something that is not possible to revoke or retract, cannot be undone Where a will is concerned wills are not irrevocable, a new will always replaces the old one, however if it is a joint will by both spouses the old will upon the death of one of the couple becomes irrevocable.. Essentialy if one dies the other cannot rewrite the will and ignore the wishes of the other.
Is it possible to mortgage more than the purchase price of a property?
Yes, it is possible to mortgage more than the purchase price of a property through a loan known as a "cash-out refinance." This type of loan allows homeowners to borrow against the equity in their property, potentially exceeding the original purchase price.
Is it possible to get cash back on a mortgage refinance?
It is indeed possible but you should first determine if refinancing your mortgage will be favorable. You can then apply for a new mortgage after you have decided on the amount of cash that you need.
How can one obtain a mortgage to buy a property in Bulgaria?
It is not possible to obtain a UK mortgage to purchase a property in Bulgaria. However, it is possible to obtain a mortgage in Bulgaria, by approaching a Bulgarian bank.
Is it possible to arrange an irrevocable trust with the same person as grantor trustee and beneficiary?
You cannot have the same person as grantor, trustee and beneficiary in any trust. There is no trust created in such a set up. The grantor in an irrevocable trust cannot be the trustee. The property in an irrevocable trust must be permanently separated from the grantor's control.
Where is it possible to get a no closing cost home mortgage?
It is possible to get a no closing cost home mortgage from many providers. An example of one of these is a mortgage from Nation Wide mortgages. There is more information about this on their website or on Ehow.
Is it possible to break a irrevocable trust?
You can break an irrevocable trust only if there was some legal error involved in the establishment of that trust. If there was an error, you can then go to court and ask to have the trust invalidated on the grounds of that error. If there was no error, then no, you cannot break it.
Is it possible for me to change my mortgage due date?
Yes, it is possible to change your mortgage due date, but you will need to contact your lender to discuss the options available to you.
Is it possible to remove FHA mortgage insurance from a loan?
Yes, it is possible to remove FHA mortgage insurance from a loan, but it typically requires refinancing the loan into a conventional mortgage once you have built enough equity in the property.
Is it possible to refinance an ARM with a mortgage company given the credit crisis?
It is possible to refinance an ARM. The options available vary by customer and their history with the mortgage company.
Is it possible to have your mortgage loan modified if one is current on mortgage payments?
Yes, although mortgage companies are more likely to modify a loan in default.
