How do you put a house with a mortgage in a trust?

Home Forums Mortgage How do you put a house with a mortgage in a trust?

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    It is possible to put your mortgaged home in a living trust and can benefit you in several ways. You can avoid probate, hold control over how you want the property to be distributed upon your death, and provide security from creditors. 

    To place a mortgaged property into a trust, the grantor must sign a warranty or quitclaim deed from the current owners to the trust. The deed would name the trust as the grantee and work like any other property transfer. After the mortgaged property is transferred to a living trust, the borrower still holds the responsibility to pay off the mortgage. The exception being if the trust requires the mortgage to be paid off before the transfer or distribution of the asset.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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