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Can I, the lender, be the trustee?

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harrisbrenda8 Joined: 04 Nov 2009 Posts: 1 1.31 Dollars($)	Posted: Wed Nov 04, 2009 7:15 am    Post subject: Can I, the lender, be the trustee? Like 0 Dislike 0 I am financing a home for some friends that they currently own and need to refincance so they will have some cash. They will be renting the home out to others. Should we use Deed of Trust for Tx? Can I,the lender, be the trustee? Thanks!
gunzijjistaff Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)	Posted: Wed Nov 04, 2009 9:14 am    Post subject: Like 0 Dislike 0 Hello, Yes, you can use deed of trust in taxes, but the trustee could be a the title company which gets the title of the property also contains lender, That means your lender will not be as trustee. Thanks & Regards. gunz.ijjistaff
Brenda Guest	Posted: Wed Nov 04, 2009 9:42 am    Post subject: Can I be the trustee? Like 0 Dislike 0 If I don't go through a title company, can I as the lender be the trustee?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Wed Nov 04, 2009 12:02 pm    Post subject: Like 0 Dislike 0 a lender being the trustee sounds a little fishy to me...it might be legal but it seems a little bit too close for comfort. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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