My nephew, Kyle, just sent me a very interesting video from a local Estate Attorney. Apparently one of his clients learned that the house she had put in her trust was no longer there due to refinancing the mortgage loan!
Often lenders will require the deed of your home to be transferred out of your trust back into the individual names of the homeowners in order to refinance the loan. Generally during the process of funding, the deed is again transferred out of the individual names and back into the trust. But not always.
Many of us have a family trust and we drew one up specifically to put our homes in them. (Usually our biggest asset!) And those of us who have lived in our homes a while, probably took advantage of the incredibly low interest rates a few years ago and refinanced.
My question for you now is did your home make it back into your trust? Did it get recorded as such with your local county? It’s easy to check. Contact your local county court and do a search on your deed. Here is the website for Orange County. When I searched by name, I was able to see both our original Grant Deed as well as the updated Trust Deed.
If you need help with this, I can assist. The client I spoke of learned her home had NOT returned to her family trust when her husband passed away. Don’t let this be you. Check now.
So many good things,
Diana
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