Mortgage Modification – Owner fears for house waiting for mortgage modification to become permanent
Not a bad answer to the person asking about refinancing a home that was in a trust. However, as a mortgage banker, I can tell you that it was likely a loan officer who didn’t know that Fannie Mae allows one to lend to a revocable or living trust, or a loan officer who didn’t offer it. See previous Realty Q&A.
Also, the person who wrote to you didn’t say if it was a revocable or irrevocable trust. That would be the first thing to find out from a customer. If it’s revocable, then conventional or conforming lenders (like Fannie and Freddie) will take it. Allison Sullivan, Product Coach, New South Federal, Marietta, Ga.
read here.
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