Home is located in Connecticut and owned by a Trust. Living Revocable Trust. 2 Trustees: (Attorney and Borrow/Settlor). City Clerk's public record shows OPEN-END MORTGAGE DEED and Trust Rider. Assessor’s public record shows TRUST and c/o Attorney Trustee. Conventional Loan. 1.) Who is the legal owner of the home, the TRUST or the Mortgage Borrower? 2.) Are Trust documents private? Can it be removed or redacted from public record? 3.) How to get the Borrower's name off of the Mortgage Deed for total anonymity— Quit Claim Deed; Refinancing? 4.) Does the Trust Settlor or Mortgage Borrower have a role in ownership in the eyes of creditors, judgements etc?
Full Conversation
Hello Mr. Dolan, Home is located in Connecticut and owned by a Trust. Living Revocable Trust. 2 Trustees: (Attorney and Borrow/Settlor). City Clerk's public record shows OPEN-END MORTGAGE DEED and Trust Rider. Assessor’s public record shows TRUST and c/o Attorney Trustee. Conventional Loan. 1.) Who is the legal owner of the home, the TRUST or the Mortgage Borrower? 2.) Are Trust documents private? Can it be removed or redacted from public record? 3.) How to get the Borrower's name off of the Mortgage Deed for total anonymity— Quit Claim Deed; Refinancing? 4.) Does the Trust Settlor or Mortgage Borrower have a role in ownership in the eyes of creditors, judgements etc?
Hello! Thank you so much for contacting me. Let me answer your questions: 1. The trust is the owner. The borrower still has the obligation to pay the loan and the bank still has the lien, but the owner is the trust. 2. Yes. The actual terms of the trust are private and not available for public inspection. 3. Although the borrower is not on the deed, it would need to still be the borrower who refinances unless you turn the trust into an irrevocable trust and then refinance. In other words, the trust needs its own EIN, to be updated to an irrevocable trust, then get its own loan. Otherwise, a refinance is possible, but the borrower must refinance in their own name. 4. The trust settlor owns the property, but unless the property is held in an irrevocable trust, the settlor still has liability.
Hello, thank you for your response. I was not aware that chats are made public. I do not consent to making my chat public and would like to opt out. Thank you for your understanding.