TITLE

NEW RULES CLARIFY LIVING TRUST AND MORTGAGE-LOAN ISSUES

AUTHOR(S)
Pereira, Randy
PUB. DATE
April 1994
SOURCE
Journal of Financial Planning;Apr94, Vol. 7 Issue 2, p67
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The growing popularity of living trusts has presented the mortgage-lending community with a number of questions. Should living trusts be given "qualified borrower" status for mortgage loans? Does the living trust hinder the lender's rights in foreclosure? What about transfers of ownership into the trust and the mortgage "due-on-sale" clause? Can lenders sell living-trust loans in secondary mortgage markets? Answers to these questions are beginning to emerge as mortgage-lending guidelines are established for living trusts. These new guidelines directly affect living-trust clients and will prompt financial planners to take a more pro-active role in client property and mortgage matters.
ACCESSION #
5558073

 

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