Legal Question in Credit and Debt Law in California
We have applied for a refinance loan. We received an e mail stating that the lender since our title is vested in our trust, that they, the lender, would have to deed out of the trust and back in, but in order to do that they would need the first page of the trust, the power ot the trustees and the page showing that the trust is revocable. We feel very uncomfortable with this, since we have refinanced before with another lender and never had to do anything with our Trust, please advise
3 Answers from Attorneys
What the lender is asking you to do is a very common practice, so I do not understand the source of your discomfort. This is probably an underwriting or title insurance company requirement. I see absolutely no reason why you would not comply.
I have never heard of a lender NOT requiring this. I don't know how you ever got a refinance without it.
Once you have refinanced, you can deed the property back to the trust.
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