Funding Revocable Family Trust with Real Estate

[Curmudgeon10]

Jurisdiction

Maryland

On purchase of new home in 2017, called Mortgage Servicer and told them I wanted to transfer title of mortgaged property to the subject trust: what did I need do first with mortgage company? I supplied that title and named trustees of the the trust were exactly the same as the mortgagees. Answer: "Just send us a copy of the new deed."

After I did that, received lengthy letter laying down conditions, requiring I send copies of the Trust, etc. Just based on the letter, I'm confident we can meet requirements, as long as they are finished giving us requirements.

Here are the questions: a) regardless of the situation with the mortgage company, is the Trust now the owner, i.e., "funded" by the real estate?
b) Since the letter from the mortgage service company is now nearly a year old (yes, I've been dragging my feet on this) and I haven't received a "mortgage due to transfer/sale" notice, should I care about pursuing this further?
c) Our executors are instructed to immediately sell the property, the proceeds of which will pay off the mortgage (with much to spare). Would the mortgage company even know or care when or how that happened?

Obviously, I'm searching for reasons to just let a sleeping dog lie.

 

[army judge]

Here are the questions: a) regardless of the situation with the mortgage company, is the Trust now the owner, i.e., "funded" by the real estate?
b) Since the letter from the mortgage service company is now nearly a year old (yes, I've been dragging my feet on this) and I haven't received a "mortgage due to transfer/sale" notice, should I care about pursuing this further?
c) Our executors are instructed to immediately sell the property, the proceeds of which will pay off the mortgage (with much to spare). Would the mortgage company even know or care when or how that happened?

You should take these questions and any others you have to a trusts & estates lawyer that you trust and eventually hire.

You should also have the trust you've allegedly established reviewed by the attorney you'll hire.

I wouldn't solicit answers to these types of questions from people who nothing about your trust, your home, and your finances.

I wouldn't act upon the answers you receive for free by soliciting said answers from persons unknown to you.

Protect yourself and your assets at all times.

 

[zddoodah]

regardless of the situation with the mortgage company, is the Trust now the owner, i.e., "funded" by the real estate?

We know nothing about your situation beyond what's in your post. One would need to do a title search to know how your home is titled.

Since the letter from the mortgage service company is now nearly a year old (yes, I've been dragging my feet on this) and I haven't received a "mortgage due to transfer/sale" notice, should I care about pursuing this further?

I'm not really sure what "this" refers to.

Our executors are instructed to immediately sell the property, the proceeds of which will pay off the mortgage (with much to spare). Would the mortgage company even know or care when or how that happened?

An executor is a person appointed by a court to administer the probate estate of a deceased person. Since you are presumably not deceased, you cannot have any executors, so I'm not really sure what this means? I can assume you're talking about the persons whom you nominated in your will to serve as executors after you die. Note, by the way, that trusts don't have executors. All that said, we have no way of predicting what some unknown person at an unknown mortgage company might care about.

Why don't you try something like this: "In 2017, my spouse and I purchased a home. We took title as 'Desmond Jones and Molly Jones, husband and wife, as tenants by the entireties.' In 2018, we created a revocable trust and transferred title to 'Desmond Jones and Molly Jones, as trustees of the Desmond and Molly Jones Revocable Trust.'"

Something like that would be far better for the purpose of providing you with useful information.

 

[flyingron]

Asking for a copy of the trust document is far from uncommon. It proves to them that you are indeed authorized to act as a trustee, and that the trust transfer is one that they shouldn't be concerned about (and in fact, under law, can't complain about).

 

[Curmudgeon10]

I wouldn't act upon the answers you receive for free by soliciting said answers from persons unknown to you. I may be mistaken in actually posting something here. I know no one, but I thought that it was a forum for opinions about legal matters. I won't bother anyone again.

 

[PayrollHRGuy]

I wouldn't act upon the answers you receive for free by soliciting said answers from persons unknown to you. I may be mistaken in actually posting something here. I know no one, but I thought that it was a forum for opinions about legal matters. I won't bother anyone again.

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