Forgotten Your Password?

Need to Register?

Question Icon

We transfered our property into our trust and have been told that disqualifies us under HARP. Why is that?

Can't we just transfer it back out of the trust to refinance under HARP? by kriste_524_386 from Roseville, California. Feb 3rd 2013 Reply


Steven Ceceri (CreativeFinancingOptionsGroup)
#37 ranked lender in Massachusetts - 723 contributions

Good Afternoon/Morning (West Coast)! You should still be eligible and I'm happy to help. Send me a message offline as I need to gather a little more information. Thank you.

Feb 3rd 2013
2
0
Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,819 contributions

True. With certain lenders that is, but not with us. As long as the trust is a Living Revocable Trust, then we can help. Give me a call and let me get you going. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Feb 4th 2013
1
0
Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

This shouldn't make a difference. Yes, maybe you would need to deed it back out of trust so the way you hold title matches to Fannie or Freddie's records. Small issue, but to be safe, we would all need to know what type of trust you used.

Feb 3rd 2013
0
0
Sergio de Alba (downpaymentassistance)
#680 ranked lender in California - 20 contributions

Yes, transfer it back the it was when you purchased and then refi. If you need any assistance with your HARP refi please let me know.

Feb 3rd 2013
0
0
Ivan Diaz (IvanDiaz)
#135 ranked lender in Texas - 24 contributions

Does not disqualify. Would love to help you!Ivan

Feb 3rd 2013
0
0
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

you have to close in your personal name, and then you can put it back into the trust .. no big deal.. linda my email is yourloanpartnerforlife@live.com i work with alot of trusts, my parents who were elderly, taught me well!

Feb 3rd 2013
0
0
Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

You are getting bad information if it is a Revocable living trust. Talk to another Local lender.

Feb 3rd 2013
0
0
Joe Metzler (JoeMetzler)
#2 ranked lender in Minnesota - 3,852 contributions

Generally speaking, your best rate loans (Fannie Mae, Freddie Mac, FHA, VA) only lend to PEOPLE. They do not lend to Trusts or LLCs. Trusts are possible, but they require a lot of extra work, and an Attorney Opinion. LLC's are possible too, But will generally be a portfolio loan (higher rate).

Feb 4th 2013
0
0
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

As long as the trust is revocable and you have retained certain rights as the trustee, you should be ok. The Trust Agreement is going to dictate whether you can do the loan in the name of the Trust or not.

Feb 4th 2013
0
0
Steve Azarch (sazarch)
#19 ranked lender in Tennessee - 93 contributions

You should be able to transfer back to your name and refinance the loan.

Feb 4th 2013
0
0
c c (rtfsdf)
#729 ranked lender in California - 1 contribution

Hello. When you have a residential loan Fannie and Freddie guidelines will not allow lending to Trusts, LLC's or Coporations. What you need to do in order to be eligible for HARP 2.0 or any other residential loan program for that matter, is transfer the title from your trust into your name once its in your name your can refinance the loan, after the loan closes you can then transfer the title back into your trust. If you would like to discuss this more, I work in Folsom and we are currently using Fidelity Title in Roseville off Douglass Blvd. Please Contact me at 888-655-1239 or at www.StatusMortgage.com

Feb 4th 2013
0
0
Subscribe to our news feed.