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#1506673 - 02/08/11 05:51 PM Trust property located in Wisconsin
Cornfed Turtle Offline
Diamond Poster
Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
Doing a loan to a non-WI revocable trust. A Married person is the trustee. The trust is pledging an asset of the trust, real estate in Wisconsin (insert bells and whistles!), to secure the loan.

HELP! Note in name of trust with Mr Trustee signing as trustee. Mtg is in the name of the trust, again with Mr Trustee signing on behalf of the entity. What about the spouse of the trustee? Do we bring Mrs.Trustee onto the mtg?

Does the CP status of WI come into play since neither the trust nor the trustee are located there?

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#1507528 - 02/09/11 07:08 PM Re: Trust property located in Wisconsin Cornfed Turtle
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,285
First, is this homestead property? Doesn't sound like it because you said neither the trust or trustee are there (in WI). If it is, then I believe MRS. Trustee has to sign off on the mortgage.

Second, as I just outlined in a thread in the HMDA forum, I don't think the Trust is the borrower. The trust has no income or credit rating so you're basing your credit decision on Mr. Trustee's income, correct? Then he's the borrower and should sign the docs both as an individual and as the trustee. At least that's how we do it here based on the advice of counsel.

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#1507559 - 02/09/11 07:26 PM Re: Trust property located in Wisconsin Truffle Royale
BowlingQueen Offline
Power Poster
Joined: Mar 2007
Posts: 2,916
Wisconsin
Originally Posted By: Truffle Royale
First, is this homestead property? Doesn't sound like it because you said neither the trust or trustee are there (in WI). If it is, then I believe MRS. Trustee has to sign off on the mortgage.

Second, as I just outlined in a thread in the HMDA forum, I don't think the Trust is the borrower. The trust has no income or credit rating so you're basing your credit decision on Mr. Trustee's income, correct? Then he's the borrower and should sign the docs both as an individual and as the trustee. At least that's how we do it here based on the advice of counsel.



I agree.....that is how we do it as well.
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#1507950 - 02/10/11 03:12 PM Re: Trust property located in Wisconsin BowlingQueen
Cornfed Turtle Offline
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Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
Thanks for the help to both of you. And congrats on your Super Bowl victory!

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