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Refinancing Property Held in a Revocable Living Trust
by: Richard H. Hallstrom, Esq.
As interest rates have dropped, many homeowners have refinanced their homes to reduce payments. If your home is held in a revocable living trust, then there are some additional steps that you must take in order to ensure that you do not undue the effort that you put into the creation of your trust.
Many lenders won't make loans on property held in a living trust. They insist that the home be transferred back to the owner's name before a loan or refinance is made.
After the new loan is made and the new deed of trust is recorded, you then must remember to transfer the home back into the living trust. Your lender will not remind you to do this and will probably not help you if you ask them.
If you forget to transfer your home back into the living trust, the time and money that you put into the creation of your trust will be undone and your home may be subject to probate.
Transferring the home back into the living trust is easy. All that needs to be done is to prepare and record a new deed showing that the home is being transferred back to the trust.
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About The Author
Richard H. Hallstrom, Esq. was an Estate Planning and Asset Protection Attorney licensed to practice in the state of California.
This article was posted posthumously on October 3, 2004
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In Memory Of Richard H. Hallstrom - 1969-2004
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