ForeclosureChase.com » irrevocable http://www.foreclosurechase.com Home Improvement, Real Estate News, Investment Advise Tue, 12 Oct 2010 04:45:58 +0000 en hourly 1 http://wordpress.org/?v=3.1 What don’t homeowners stop foreclosure with irrevocable trust fund? http://www.foreclosurechase.com/2010/07/what-dont-homeowners-stop-foreclosure-with-irrevocable-trust-fund/ http://www.foreclosurechase.com/2010/07/what-dont-homeowners-stop-foreclosure-with-irrevocable-trust-fund/#comments Sun, 01 Aug 2010 03:17:56 +0000 gtsay http://www.foreclosurechase.com/2010/07/what-dont-homeowners-stop-foreclosure-with-irrevocable-trust-fund/ Question by JWD: What don’t homeowners stop foreclosure with irrevocable trust fund? Is it possible to transfer the title to a irrevocable trust fund if you are in threat of foreclosure? I don’t own a home, just wonder if it’s an realistic plan for people who have lost their jobs and are therefore losing their [...]]]> Question by JWD: What don’t homeowners stop foreclosure with irrevocable trust fund?
Is it possible to transfer the title to a irrevocable trust fund if you are in threat of foreclosure? I don’t own a home, just wonder if it’s an realistic plan for people who have lost their jobs and are therefore losing their homes to foreclosure? Thanks.

Best answer:

Answer by Laura KC
First, you can’t transfer title to the house while you have a loan against it as that would allow the bank to demand immediate payoff in full. And then you’ve just accelerated the foreclosure process. Second, even if the house were held in a trust, that would not impact the bank’s right to foreclose. All that would happen is that any money left after the house is sold and the loan is satisfied would go into the trust.

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