What will happen to mortgaged property placed in trust?

Can a mortgaged property be placed in trust?

No. Not without the lender's approval.No. Not without the lender's approval.No. Not without the lender's approval.No. Not without the lender's approval.

What happens upon death of owner of mortgaged property placed in living trust?

I think the key word here is "LIVING" trust. Once a person passes away so does the trust...the Will should determine what is to be done with the property. If no Will is in place..his or her heirs will have to battle it out. Seek advice from an attorney.

What is the definition of house placed into a trust?

A property conveyed to a trust becomes trust property. It can only be conveyed by the trustee of the trust.

Can the HOA put a lien on an irrevocable trust property?

It is unlikely that an irrevocable trust gives the property any immunity from liens.AnswerYes. If the property is owned by an irrevocable trust the HOA can place a lien against the property and the trust. The HOA should research the trust so that the present trustees can be mentioned on the lien. Although debts are sometimes difficult to collect from a trust, the property cannot be sold or mortgaged unless the lien is paid.

If property has been placed in an irrevocable trust but funding runs out for paying the expenses is the trust dissolved?

No

What happen to the irrevocable trust after the grantos death?

You need to review the document that created the trust. A trust should contain all the provisions necessary to the management of the trust property by the trustee. It should recite all the powers of the trustee and what should happen to the trust property at the termination of the trust. Title to trust property stands in the name of the trustee who holds title in the name of the trust. The type of trust you refer to usually has detailed instructions as to how the trust property should be distributed upon the death of the grantor and how that property should be transferred by the trustee.

Does a deed of trust grant ownership rights?

A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.

Can a house be placed into a trust if it has a 2nd mortgage on it?

The number of mortgages on a property has no impact on the owner's ability to put the house in a trust.

Can a second mortgage be crammed down in a Chapter 13 bankruptcy proceeding if the mortgaged property is in a revocable trust and the mortgagor is technically the trust itself?

No, because the property would be considered to be property of the trustor and not the "trust itself". Moreover, while in certain situations a 2nd mortgage can be stripped (in a process caleed lien-stripping), there is no cramdown on primary residence real property. While a cram-down on non-primary residence real property is POSSIBLE, it is IMPRACTICAL.

Can the executor sell property without all beneficiaries approval in New York state?

No, the executor cannot sell property that is in a trust.First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.

Can any liens be placed on my home if it's in an revocable trust?

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.

What happens if a person dies leaving credit card debts and they have placed all their property into a non-revokeable trust?

The Trustee of the Trust is responsible for paying the debt out of the trust funds.