What is the name of your state? California
I am the successor trustee of my parents family trust. My husband and I want to take ownership of the house. I have one sibling. We have agreed that I will give her half of the appraised value of the house by taking out a loan on the house. I am getting mixed messages from a lawyer and the mortgage company. Lawyer says to take out a loan in the trust name, then quit claim the house to me, make distribution to my sister, and then conclude the trust business. We don't want to keep the house in a trust. Mortgage company says to quit claim the house first, then take out a loan. I want to make sure I am taking the right steps before proceeding.
I am the successor trustee of my parents family trust. My husband and I want to take ownership of the house. I have one sibling. We have agreed that I will give her half of the appraised value of the house by taking out a loan on the house. I am getting mixed messages from a lawyer and the mortgage company. Lawyer says to take out a loan in the trust name, then quit claim the house to me, make distribution to my sister, and then conclude the trust business. We don't want to keep the house in a trust. Mortgage company says to quit claim the house first, then take out a loan. I want to make sure I am taking the right steps before proceeding.