When the trust is funded, can property that still has an outstanding mortgage on it be retitled in the trust's name? For a revocable living trust, the answer is yes; for a small fee, a lawyer will file a quitclaim deed and the property will then be retitled with the trust as the owner. The mortgage holder isn't involved, although they wouldn't approve of it if they were. When I purchased a new residence, I wanted to title it to my living trust; the mortgage lender wouldn't approve the mortgage application that way, but, unofficially, they told me that I could buy the house jointly titled with their mortgage and then transfer the tile to the trust AFTER the purchase was completed. WTR
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