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 Irwin Law Your Own Question
Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 6848
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
18215332
Type Your Real Estate Law Question Here...
Irwin Law is online now
A new question is answered every 9 seconds

If our rental property is in our living trust can a bank put

Customer Question

if our rental property is in our living trust can a bank put a lein on it for a business line of credit balance past due?What about our home?
Submitted: 2 months ago.
Category: Real Estate Law
Expert:  Irwin Law replied 2 months ago.

The bank cannot lien properties. A balance past-due is not a lienable issue. The bank must first file suit to collect a debt and obtain a judgment. If the business line of credit is in the business name, not your personal names it should not affect property which is held in a living trust. However, that is not an absolute fact since I do not have enough detail about who signed what with regard to the business loan and/or how your real estate is titled.

I hope that you will enter a positive rating for my assistance here by clicking on 3, 4, or 5. There is no additional cost to you. Thanks again for using JUST ANSWER.

Customer: replied 2 months ago.
This busiline of credit,under the company name, contract was signed with our personel guaranty signture's.
Expert:  Irwin Law replied 2 months ago.

If rental property is held in the name of the trust, and the bank obtains a judgment against your business, and you personally, that judgment will not be a judgment lien automatically against the property that is held in the name of the trust.

Hello again. I hope that this information has been helpful. If so, pleasel enter a positive rating for my assistance here by clicking on 3, 4, or 5. There is no additional cost to you. Thanks again for using JUST ANSWER.

Thanks again for using JUST ANSWER.

Related Real Estate Law Questions