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Dimitry Esquire
Dimitry Esquire, Attorney
Category: Estate Law
Satisfied Customers: 41221
Experience:  JA Mentor. I run my own practice that specializes in Estate Preparation and Administration
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My late husband set up an irrevocable trust where I a, the sole beneficiary and at the

Customer Question

Hi. My late husband set up an irrevocable trust where I a, the sole beneficiary and at the time of my death, anything left will go to his family's charitable trust. The problem I am dealing with ow is that I bought a home in 2005 that is in the trust ( its a Q-tip trust.) I am in the position now that I would like to refi my home and I am having problems finding any lenders to loan to a person with a home in a irrevocable trust. Is there some way around this for me. I know for a fact that the benfeceries after I die ( I'm only 56) is the charitable trust I know will fight me on this. I'm not looking to take away their benefits I'm just looking to refi my house and apparently many lenders won't touch it..the bank(U.S. trust) which has been bought by BofA years ago, did refi me in 2011..putting me in a 15 year fixed with a balloon payment at the end..I said I did not want those terms and she ( my trust officer) and she said I wouldn't have to worry because we would be able to refinance b
Submitted: 1 year ago.
Category: Estate Law
Expert:  Dimitry Esquire replied 1 year ago.
Thank you for your question. Please permit me to assist you with your concerns. I do see a potential way out here, although it is a bit complicated. Contact the trustee and the future beneficiary, and ask them to sign off on the refinance. Ultimately that is key, since you won't be fighting their future interest, you can ask that they be a party to the agreement so that the lenders are aware that they are aware and consent to the loan. I would also suggest hitting smaller credit unions in the area as they tend to be a bit more flexible with their filings.Sincerely, ***** *****

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