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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 6780
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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My home is owner financed. I need to refinance it within the

Customer Question

My home is owner financed. I need to refinance it within the next year.My son is disabled. I have a Trust established for him. I would like to incorporate ownership of the house into the trust with the trustee being put on the Deed as well as myself. When I finance it thru a regular mortgage company, could it be viewed as an initial mortgage. I'd rather not have to put 20% equity into it.
Submitted: 2 months ago.
Category: Real Estate Law
Expert:  Irwin Law replied 2 months ago.

Typically, in a refinance situation, the lender looks at the fair market value of the property versus the amount of the loan in order to establish the percentage of equity. Different lenders require different amounts of equity. The problem that I think you might have will be in having a trust as the co-borrower and owner. I suspect that they will want you to be the borrower initially and then you can partially deed the property into the trust later. You will have to call a number of mortgage brokers to find out if, and how that can be done.

Customer: replied 2 months ago.
What is I were just to put the trustee, rather than the trust itself, on the deed making it having a co-borrower?
Customer: replied 2 months ago.
Did you not receive my last question?
Expert:  Irwin Law replied 2 months ago.

Then the trustee will have to qualify for the loan too.

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