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Lender’s permission?

This topic contains 5 replies, has 0 voices, and was last updated by Avatar of aperez aperez 11 years, 7 months ago.

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  • #5051
    Avatar of aperez
    aperez
    Member

    I ran accross a homeowner who said he wanted to put his home in a landtrust before but when he asked his lender about it he was told he needed their approval first. Why is that? Why would he need the lender’s approval to tansfer his property into his own trust?

    #26687
    Avatar of homesavers
    NULL
    Member

    That is the old Banker operating “Ultra Vires” again. Where does it say in the law that you need the lender’s approval in following the law? Just get their approval what is wrong with that?

    #26688
    Avatar of mtnwizard49
    mtnwizard49
    Member

    He doesn’t need their approval.

    #26689
    Avatar of aperez
    aperez
    Member

    That’s what I thought. I just thought I’d ask since the homeowner brought this up. Thanks.

    #26690
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    Why would a Home Owner need their Lender’s Approval to create their own Revocable Living Trust? That’s what Garn-St. Germain was all about. As of 1982, you no longer need permission or can have your loan called due for doing Simple Estate Planning.

    However, with a Commercial Property you may need to ask and there may be a small transfer fee required by the lender to do so. I’ve only known of one case where the lender of a multi-unit building asked for a fee to transfer title to a trustee. It was only a few hundred bucks.

    #26691
    Avatar of tom
    tom
    Member

    Seems like we are going through a whole lot of questions regarding this topic once again.

    Please obtain a copy of Garn St. Germanie – thoroughly read it, you will find all your answers in the document

    #26692
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @tom wrote:

    Please obtain a copy of Garn St. Germanie – thoroughly read it, you will find all your answers in the document

    However, remember the term “Cognitive Rigidity”. Even after reading GSGM, one can still be confused, as we have seen in other threads. Thats alright though, keep asking questions and you will most certainly get some great answers here on the NARS Board.

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