Legal Question in Real Estate Law in California
Good morning, i have a condo worth 440,000 and owe 198,000 on a mortage. can i leave said property in my 'trust' and pass it on although its not fully paid for?
Asked on 2/18/17, 9:36 am
1 Answer from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
Yes, property with outstanding loans can be placed in a testamentary trust, but as with any transaction involving property subject to a deed of trust, you should seek and obtain prior written approval from your lender, which is usually routinely granted.
Answered on 2/18/17, 12:22 pm
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