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Michael Wentzel
  • Investor
  • Colorado Springs, CO
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Assuming a mortgage and taking possession through a trust?

Michael Wentzel
  • Investor
  • Colorado Springs, CO
Posted Jul 7 2015, 13:54

So this is a first for me. A wholesaler in the market where I invest brought me a property in which the current mortgage would stay in place and I would close on the property through a trust. I have used this wholesaler before and often leaned on him for advice. So I trust him. But it is the first time I have done a deal like this. The numbers work. But how does the rest of it work?

1) Can I now communicate directly with the bank about the mortgage since I am the trustee? Can I change insurance?

2) Can I sell the property or refinance the property without going back to the seller/ beneficiary of the trust? 

We are using a Title company to close. But I would appreciate insight from those who may have done this or something similar in the past.

Mike

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