Subject To
I am a rehabber from NY and I would like to put my house and a rental house into either a simple trust or corporation for protection purposes. How can I do this without taking a chance that the bank will call the loan due? Please be specific because I need it done right away.
You should talk to a lawyer.
There shouldnt be that much of an issue, because you can produce papers (IF THE BANK EVER ASKED) that prove that you are the beneficiary of the trust.
You can prove you still own it!
It is investors that take the house from the previous owner in the form of a trust that get a bit scared about this.
The previous owner is gone and if you showed the bank that YOU are the beneficiary of the trust, the bank would see that as a change of ownership.
In this case YOU are deeding it to a trust and YOU are the owner of the trust, I dont think they would care.
Number one: Talk to an attorney.
N.