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can a trust own a home

by DavidWebber from Frisco, Texas. Dec 13th 2012 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Yes

Dec 13th 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Trusts don't own homes. A home can be in a trust though. Think of a trust as a pocket with things inside of them.

Dec 13th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

The home can be held in a trust but the trust can't generally apply for and be approved for most traditional mortgages. Usually the ownership is transferred to the trust after closing which does not release the borrower from obligation for the mortgage.

Dec 13th 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

after you purchase your home, you can add it into the trust, and if you wanting to refi, you will need to take it out of the trust, refi, and then put it back into the trust linda yourloanrpartnerforlife@live.com

Dec 13th 2012
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Sean McGrover (sean2109)
#166 ranked lender in Florida - 18 contributions

I would suggest you speak to a real estate attorney in your state. The reason I suggest this is because, there are more than one type of trust. You have land trust that many investors use to move their properties into for protection and you have family trust, which many people use to shelter their assets and allow the family to benefit from the assets in their trust. Trust are typically used to secure assets and hide certain information from public records. You have to decide which kind of trust you would want to use. I hope you the best in finding your answer.

Dec 13th 2012
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