Legal Question in Wills and Trusts in Virginia
trust
If I put my residence in the name of the trust how much problem will it be for me to sell that residence or refinance that residence?
Asked on 2/03/09, 8:03 am
1 Answer from Attorneys
Jonathon Moseley
Moseley & Associates Law Firm
Re: trust
It will not be a problem to sell it at all.
However, refinancing it could be a problem, because the lender will want to have security for their mortgage. So they will want to see a personal guarantee from you, to make sure they will not get stuck with money owed by an empty shell.
It can be done. My parents had their house owned by their trust, and got a mortgage in the name of the trust, but these days things are tighter.
Answered on 2/03/09, 1:53 pm
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