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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Doesn't match my experience.. Posted by Ward-CA- on July 24, 2003 at 10:56 PM In Reply to: Lender said can't do Trust posted by Steve on July 24, 2003 at 8:42 PM : Hi Ward, : You might have answered this question before but I've been told by a mortgage company that it is against lender's policy to put an investment property into a Trust account. They said that if the mortgage company found out, they can call the loan due or take the property. Is that correct? If so, is there a way to circumvent this policy without them knowing about it or us getting into legal problems? Thanks. : Steve =-=-=-=-=-=-=-=-=-=-=-=-=-=- Steve, Since 1982 I have been deeding rental properties into title holding trusts. Not once have I ever heard of or have had any lender take umbrage over the matter, just because the property in question was “investment” property. They might have objected because I was taking over their existing loan “subject to”, without asking permission or entering into a formal assumption agreement with them, but never did they object because I took title to the encumbered property via a title holding trust. So, from personal experience, I don’t see lenders singling out rental properties to be excluded from being held in the name of a title holding trust. I’m also curious, how can an aggrieved mortgage company can “take the property”? Follow Ups: Ward... jom 10:57 AM, 07/25/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward, : : You might have answered this question before but I've been told by a mortgage company that it is against lender's policy to put an investment property into a Trust account. They said that if the mortgage company found out, they can call the loan due or take the property. Is that correct? If so, is there a way to circumvent this policy without them knowing about it or us getting into legal problems? Thanks. : : Steve : =-=-=-=-=-=-=-=-=-=-=-=-=-=- : Steve, : Since 1982 I have been deeding rental properties into title holding trusts. Not once have I ever heard of or have had any lender take umbrage over the matter, just because the property in question was “investment” property. : They might have objected because I was taking over their existing loan “subject to”, without asking permission or entering into a formal assumption agreement with them, but never did they object because I took title to the encumbered property via a title holding trust. : So, from personal experience, I don’t see lenders singling out rental properties to be excluded from being held in the name of a title holding trust. : I’m also curious, how can an aggrieved mortgage company can “take the property”? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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