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I have questions regarding a home bought with funds

Customer Question
Hello - I have...

Hello - I have questions regarding a home bought with funds distributed from a trust

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

MA

Lawyer's Assistant: What documents or supporting evidence do you have?

But the house was bought with the trust in CA

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Its a complicated question - I can just ask the attorney

Submitted: 1 month ago.Category: Real Estate Law
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Customer reply replied 1 month ago
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Answered in 1 hour by:
3/20/2018
Real Estate Lawyer: Michael Bradley,
 replied 1 month ago
Michael Bradley
Category: Real Estate Law
Satisfied Customers: 1,377
Experience: Owner at The Protection Group LLC
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Customer reply replied 1 month ago
I own a house in Melrose. Two of my trusts distributed funds to myself to purchase a home in my name. Now I am applying for a HELOC, and the bank found that the title to my house lists the two distributions as mortgages. I don't owe any money, its just how the distributions were set up when I bought the house. The problem is that as long as the county shows that I have mortgages (even though I never was required to pay them back, seeing as they're my trusts), the bank won't accept my application. How can I get this fixed?
Real Estate Lawyer: Michael Bradley,
 replied 1 month ago

that seems odd

the first thing I would do is order a title report on your property to see if there is anything running with the land

if you paid cash for the property there should not be anything on the land

if there are mortgages on the land in the name of the trusts then they would need to have them marked satisfied

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