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#1994709 - 02/09/15 10:19 PM mtg loan and ownership change
Chocaholic Offline
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Joined: Aug 2005
Posts: 443
We have been asked to change ownership on a home loan... from individuals to 'revocable living trust' and we will be treating it as an assumption- does this require all new disclosures? NOTE: no new money or fees charged and original owners will now be guaranteeing
I noticed that if we were to do this effective 8/15 this type of 'non-natural person' will now be considered a consumer transaction and subject to disclosure rules if the transfer is due to estate planning purposes. So I am assuming that now it is not- is this correct?
Last edited by Chocaholic; 02/09/15 11:44 PM.
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Lending Compliance
#1994792 - 02/10/15 02:35 PM Re: mtg loan and ownership change Chocaholic
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,106
Bloomington, IN
We treat all revocable trusts as a consumer and provide the applicable disclosures.

You need to be consulting your attorney and also state law. Some states already require these trusts to be treated as a consumer.
The opinions expressed are mine and they are not to be taken as legal advice.

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