Legal Question in Real Estate Law in Illinois
trust
my question is..... if you own property, and it is in (trust) can you take a mortgage out? even thought its in trust
Asked on 7/16/07, 12:15 pm
1 Answer from Attorneys
Peter Olson
The Olson Law Firm, LLC
Re: trust
Sure. The only question would be is the mortgage going to be taken out in the name of the trust or yourself personally. Talk with your lender...sometimes all that is necessary is quitclaiming property out of trust, get mortgage, and then simply quitclaim back into the trust.
Answered on 7/16/07, 4:23 pm
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