Mortgage With Land Trust Question
When signing deals through a land trust how does a mortgage work? Does the beneficiary need to be the one that gets the mortgage or does the mortgage need to be to the land trust itself? Would the bank even know who the beneficiary was?
make sure you can get financing in the name of the trust.
I was trying to use my living trust, and they refused to fund the loan. The requirement was to close in my name, and then quit claim to trust.
This was PHH Mortgage.
mortgage lenders will not lend to a trust. You must get the mortgage in your name. You can then deed to the trust, but the mortgage remains in your name.
can you not personally gaurantee the loan?