trust

[nan]

If I place my property in an irrivocable trust or pure trust can I get a loan on the property?

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by nan:
If I place my property in an irrivocable trust or pure trust can I get a loan on the property?<HR></BLOCKQUOTE>

Yes as long as you satisfy the lender requirements. The mortgage lender is primarily concerned with the qualifications of the loan guarantors than the way title to the property is held. If lenders give you a hard time, get the loan first then transfer interest to the trust.
Be sure you are confident as to the reasons you are putting the property in trust. If it is to protect the property from liens, creditors etc., putting a mortgage on offers only limited protection. If it is to become judgement proof, same answer.

[This message has been edited by HomeGuru (edited July 17, 2000).]