Legal Question in Wills and Trusts in Massachusetts

Re: a trust

The Trust is the owner, but for refinancing or financing purposes your hisband is considered an owner of the property and therefore refinancing is the correct method used by the banks.

Your husband can buy-out his uncle but he will have to refinance as opposed to getting a new mortgage for purchase.

If you need assistance, please do not hesitate to call me. I have dealt with this problem for other clients.

A trust

You need to to look at the terms of the trust. The terms will tell you if the trust continues, or the beneficiaries are to get it.

With additional information, I could of more assistance to you.

Re: a trust

Well, they're both right, in a way. If the house is titled in the name of the Trust, then the Trust owns legally owns it. Generally, if there is a power to mortgage the property, who holds that power (usually the trustee) would be stated in the trust. However, the Trustee has a duty of loyalty to the beneficiary, and your husband does have an interest in the property.

You don't mention if this is a nominee trust or a standard trust. Your lender is not a lawyer -- see an attorney with experience in trust law to discuss your next steps.

Re: a trust

Without looking at the actual trust agreement, any comments would be speculation. It is important to look at what the trust actual allows, in order to determine what a viable strategy might be.

As far as what a lender says, echoing other comments, a mortgage lender is not generally an attorney, and it would not be wise to rely on legal advice coming from a nonattorney. More to the point would be whether the trust's attorney can come up with a way for you to do what you and your husband's uncle want to do, while complying with the terms of the trust or general principles of trust law. You should consult an attorney before committing to the deal.