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109
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29
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Ronnie S.
Pro Member
  • Investor
  • Coeur d Alene, ID
29
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109
Posts

What lenders lend on houses in an irrevocable trust?

Ronnie S.
Pro Member
  • Investor
  • Coeur d Alene, ID
Posted Nov 26 2015, 14:49

HI Biggerpockets Team,

Happy Thanksgiving!

I have searched biggerpockets for info on getting a loan on a house in an irrevocable trust and found some info but needed to ask again.

Here is my story....my grandmother had a house that was in a living trust.

Upon her passing many years ago the trust became irrevocable.

I am the trustee and now this house is my primary residence and it needs repairs and updating which I would do a cash out refi.

During my initial due diligence I have found that the majority of the banks and credit unions say no to a loan but my trust attorney says they should be able to loan the money.

I wanted to see if any of the lenders out there in Biggerpockets will be able to loan on this house?

Any and all advice is appreciated.

Thank you......