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tom holobowski
Guest
0.10 Dollars($)
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 Posted: Tue Jun 05, 2007 3:57 pm Post subject: quitclaim deed in refinancing a home mortgage |
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| I am refinancing a home mortgage. Because I have a living trust, the bank requires a quitclaim deed to proceed with the loan. I'm told by the bank that I can reverse the quitclaim back into the trust after the loan is approved. Will this prove to be difficult? I'm trying to do this without a lawyer-----the bank says "no problem". What do you think? |
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 colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.61 Dollars($)
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| Posted: Tue Jun 05, 2007 4:20 pm Post subject: |
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Hi Tom,
Welcome to Mortgagefit forum.
I would advice that you consult an attorney for this property transfer from trust to you and back again into the trust.
There can be some legal points that only an attorney will be able to figure out if required and prevent any mistakes from occurring while the deed is made.
Colin |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
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| Posted: Tue Jun 05, 2007 5:23 pm Post subject: |
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I would also recommend that you consult a lawyer instead of doing it on your own. The whole process seems to be quite simple but if you are not aware of property laws yourself then it is better to consult a lawyer to avoid any future complications.
Miller |
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Guest
0.10 Dollars($)
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| Posted: Tue Jun 05, 2007 5:47 pm Post subject: |
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| My vote goes for the bank although I don't understand their position. Fannie welcomes inter vivos trusts – hit them with the latin! Bounce on to Fannie VII, 101 via allregs with a backslash and efnma. Sorry about the Greek but this site wants to keep real Internet information for the unwashed! |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.59 Dollars($)
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| Posted: Tue Jun 05, 2007 6:03 pm Post subject: |
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| Quote: | | Fannie welcomes inter vivos trusts |
Don't get scared Tom, some good people also call living trusts as inter vivos trusts 
But Guest what this crypt means?
| Quote: | | Bounce on to Fannie VII, 101 via allregs with a backslash and efnma. |
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jameshogg
Joined: 20 Dec 2005
Posts: 1038
Location: nevada
131.64 Dollars($)
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| Posted: Wed Jun 06, 2007 2:19 am Post subject: RE: Refinance living trust property |
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Hi Tom,
It won't be that difficult though I feel you should consult a lawyer when you sign on the quitclaim deed. Transfer of property is a legal issue and can be dealt with in a proper way by taking help of the lawyer. He is the person who can actually explain any legal concept that you find out in a quitclaim form or you may also get the deed drafted by the lawyer. He is a legal professional and can draft the deed keeping in mind your requirements.
Thanks |
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