How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RayAnswers Your Own Question
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 36996
Experience:  Texas lawyer for 30 years in Estate law
8534270
Type Your Estate Law Question Here...
RayAnswers is online now
A new question is answered every 9 seconds

I have 43 acres and it includes my home. There is a mortgage

Customer Question

I have 43 acres and it includes my home. There is a mortgage on the home and 33 of the acres. Can I do an irrevocable trust on the home and acreage even tho part of it is mortgaged?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Lamar County, MS
JA: Have you talked to a lawyer yet?
Customer: No
JA: Anything else you think the lawyer should know?
Customer: Because of heavy credit card debt I am considering chapter 13
Submitted: 4 months ago.
Category: Estate Law
Expert:  RayAnswers replied 4 months ago.

Hi and welcome to JA. Ray here to help you today.

You can do so here, you may want to check the note to see if there is a due on sale clause that prevents this.In this situation if there is such a clause here you would risk acceleration of the note.

It comes down to the terms of the note here.

Reference this covers it in detail to explain the potential problems..

http://www.aaepa.com/2012/04/fund-fund-transferring-real-estate-trust-bonus-blog/

Expert:  RayAnswers replied 4 months ago.

Here you are unlikely to be able to pull this off unless you can pay off the note.

Thanks for the chance to help you today.

Related Estate Law Questions