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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 42868
Experience:  Texas lawyer for 30 years in Estate law
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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: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year 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..

Expert:  RayAnswers replied 1 year 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.