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I put my home in a trust years ago and now I have been tring to do a loan modification with bank. How hard would it be for them to foreclose with it being in the trust? I'm just tring to get the payment lower before they start the foreclose. Will this take longer because of the deed is in my trust? I live in TX
State/Country relating to Question: Texas
for whose benefit is the trust?
For my Kids and mother it is a Irrevocable Trust.If something happend to me they would be in charge
It would not be hard for them to foreclose. They would just seek an assignment from the trust.
What is a assignment?
where they would demand that the trust give the home back and relinquish any claim to it.
Would it take longer and more money to do this than a normal foreclose?
yes it would take slightly longer because of the extra step in obtaining the assignment, as such it would be slightly more costly as additional legal fees would be involved.
Attorney
Negotiate, Draft, and Review many complex commercial agreements each year.
Thanks