We have a customer who wants to change his loan from his individual name to name of family trust. Is this advisable? Would there need to be a loan modification agreement? If not, what is process?

I will review the trust to make sure it alows this. Also, I'm sure we will still want a personal guarantee.

Thanks!

DF, check with your bank's attorney. You can almost do anything with the documents but (IMHO) you should get an application and re-underwrite the loan.

Thanks.

Does the trust have income, or is the salary still being paid to the person and then "transferred" to the trust? Also, the trust can be revoked at any time.

Al