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Reply to "Home equity loan when property is in a trust?"
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[quote=Anonymous]When my son was born a few years ago, my husband and I created a will and trust, and the house was part of it. We are now trying to get a loan to remodel. After going through weeks of documents and appraisals and such, the loan was approved yesterday. The bank then called today and said they pulled the (deed? Title?) and saw that it's in a trust, and they won't loan to trusts in Virginia so they won't give us the money until we give them a deed without the trust. Is this bank just weird? Or do we need to go back to the lawyer and undo the trust? (Which will infuriate me!) I am frustrated that we lost 6 weeks of time and will have to start over on finances, but I'd rather that then undo the trust I think.[/quote]
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