Posted by William Bronchick on February 21, 2004 at 20:36:44:
Oh, they are going to put you through the ringer for
documentation, no doubt. I am going through that right now and
they have 4 pages of checklists and requirements. But, once you
get the “lender’s routine” down, it goes a lot faster the second and
third property you do.
Refi’s & Land Trusts - Posted by RIco
Posted by RIco on February 20, 2004 at 15:12:20:
If I need to refi a property in a Land Trust, do most lenders ask you to take it out of the trust before the refi can take palce? If the proeprty is taken out of the Trust, even for a few days, does that cause a paper trail?
Thank you for any reply.
Re: Refi’s & Land Trusts - Posted by William Bronchick
Posted by William Bronchick on February 20, 2004 at 19:57:48:
Depends on the lender, but most do. Porffolio lenders, like WaMu generally allow it to remain in trust.
Re: Refi’s & Land Trusts - Posted by Rich[FL]
Posted by Rich[FL] on February 21, 2004 at 19:58:58:
WAMU. Where of I begin? Refinanced a loan I had with them last year and everything went well despite the bad things I had heard. Decided to refinance a property I own free and clear which is also in a trust. After 3 months of screw-ups, I finally told them to take a hike. At first they were telling me they would only refinance an irrevocable trust; a few weeks later they started requesting copies of all trust documents.
Bill, is it normal for the banks and lending institutions to request these documents? And is it normal to provide them?
Thanks.
Rich
Re: Refi’s & Land Trusts - Posted by zack totten
Posted by zack totten on December 09, 2005 at 16:14:01:
I am a mortgage co in bakersfield, ca. Can i refi an irrevocable trust. we are a broker. thank you, zack