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You can convey your property to a trust but the property will still be subject to the mortgage. You must check with your bank before making that change in title. Most banks require an immediate payment of the mortgage when there is a change in ownership. The bank may require that you refinance in the name of the trust.
What else can I help you with?
If parents want to transfer their house to their child what is the child's cost basis for the house?
You should speak to a good trust attorney about setting up a Living Trust and puting ALL parties in the trust. Then the Trust can own the property.
Who owns Chatsworth House?
Chatsworth House is owned and managed by the Chatsworth House Trust. The Duke of Devonshire and his family live at Chatsworth, paying rent to the Charity for their rooms.
Can you put a house with a mortgage in a trust?
Yes. There are almost no obstacles if you still own and live in the house after.
Can a co trustee buy quit claim property from trust and transfer into own personal trust?
First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.
House is in a living trust. How do I pay off my sister and still keep the house in a trust?
A trust is, by necessity, represented by an attorney in such matters, and the trust attorney will craft a modified trust instrument for signature by the necessary parties, once the other agreements and formalities are in place.
Can you make your house a family trust?
You can have a family trust drafted by an attorney who specializes in trust law in your state. Then you can transfer the title to your real property by deed to the trusteeof the trust. You should not make any transfer until you have discussed your options and the consequences with a legal expert. Errors made by non-professionals in this type of situation can be extremely costly to repair down the road.
Can you transfer assets into an irrevocable trust?
Yes, but you cannot transfer them out.
Will named you as executor but living trust for the house has no executor named Am I still the executor?
The living trust has a trustee, not an executor. The will is a separate process and you would be the executor.
Can you transfer a house that still has a mortgage to a trust?
You should be very careful about transferring property that is subject to a mortgage. Mortgage contracts contain a provision whereby the lender can demand payment in full upon any transfer in interest. Transferring your property to a trust would trigger that clause and the bank could demand that you pay off your mortgage immediately. You should consult with your attorney before making such a transfer.Generally banks do not approve mortgages for property owned by an individual trust. Also, when you transfer a property that has an outstanding mortgage the property remains subject to the mortgage.
Can you get out of a deed of trust?
Yes, by paying off the debt.Yes, by paying off the debt.Yes, by paying off the debt.Yes, by paying off the debt.
Is it possible to transfer debt to a trust?
Yes, it is possible to transfer debt to a trust, but the process can be complex and may have legal and financial implications. It is important to seek advice from a financial or legal professional before attempting to transfer debt to a trust.
If property has been placed in an irrevocable trust but funding runs out for paying the expenses is the trust dissolved?
No
