Can we refinance a second mortgage in the name of a trust?
Please only people with Title COmpany information answer this question. I asked my bank, and they could not answer my question. Here is the situation.
The house we live in was owned my my mother in law, and she had a second mortgage taken out on the house of $ 50,000 (that is all that is owed on the house) Approx value of the house is $ 400,000+.
She passed and the house went into the name of the trust with 3 siblings.
The $ 50,000 loan was a variable interest loan, and is now skyrocketing.
Can we get a mortgage loan for the $ 50,000 and keep the house in the name of the trust (with all 3 siblings still on the trust).?
Can we keep the property in a trust?
What steps must we take to do this (obviously all 3 members on the trust have to sign).
Thanks in advance.
Real Estate agents are so hip with the lingo