Hey guys,
Curious if banks will refinance a house if owner on title is a revocable trust? Figure 6-12 months on title.
Will this work, or will the beneficiary have to title the house into his/her own name, re-fi, then put it back into a trust?
Thanks!
Spencer (CA)
From my experience, all the lenders I have dealt with besides one wanted it out of a trust. And the one that didn’t, is now one more rung on the mortgage bust ladder.
Most of them will require you to take it out of the trust and then you can put it back in afterwards. But this is only my experience…
I spoke with a lender about 2 months ago that said they would consider a transaction for a REVOCABLE trust, but not for an IRREVOCABLE. Of course, that was 2 months ago…
This was in Texas. I don’t know if the same rules will apply to other states.
Take care,
Steve