Has anyone had a short sale approved for a property that was owned by a trust?
If so, what documents did the lender require?
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Has anyone had a short sale approved for a property that was owned by a trust?
If so, what documents did the lender require?
You need to be a member of Short Sale Superstars to add comments!
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If the mortgage is in the trust then no problem...just have the authorized person sign. If they put it in a trust after getting the mortgage they will have to put it back in their name. You will need all listing and sale contracts in the borrower name...Hope this helps
The problem Jayne is the loan is in the husbands name who is deceased. He has been gone 4 years. They had a trust the home went directly to her when he died. It was in both of their names prior to him dying also. They will not recognize the trust.
David. Its no different from any other short sale except they may want to see the declaration page of the trust to see who is authorized to sign the purchase agreement and closing documents. Remember when dealing with a short sale it's the borrower that goes through the short sale. The borrower will almost assuredly be an individual. The person that signed the note is who your are doing the short sale for.
exactly. the property is owned by a trust but the borrower is most likely not the trust. to process the short sale, the bank wants the borrowers documentation, the closing department & title company will handle the applicable documentation for title & conveyance.