Posted by John on March 27, 2005 at 11:02:47:
While Cub is probably right, as most institutional lenders don’t normally lend to trusts, you might persist and find one that would.
Nothing legally wrong or obnoxious about a loan to a trust, and so long as the lender gets a good deed of trust on the realty and a good note signed, personally, by good credit borrowers, it’s probably making a safe-enough loan.
Re-fi land trust - Posted by Cub
Posted by Cub on March 26, 2005 at 04:49:41:
Is there a way to re-fi a land trust bought subject to while still maintaining the land trust? The original owner doesn’t want the mortgage in their name any longer.
Re: Re-fi land trust - Posted by Been There
Posted by Been There on March 27, 2005 at 24:03:09:
Unlikely that you will be able to refi with the property owned by the trust. You will have to deed it out of the trust, refi in your own name, and then after the refi is complete deed it back into the trust.
Been There
Re: Re-fi land trust - Posted by John Merchant
Posted by John Merchant on March 26, 2005 at 10:09:20:
The adult beneficiaries of a trust can normally borrow on its assets, by signing the note personally and having the named owneer-trust give a Deed of Trust securing the loan with the property.
You may have to shop a number of lenders, but if you’re credit’s OK, and it’s a first lien, I’d guess you’ll have little problem getting a new loan.