Land Trust after buying the property or before closing?

[Lorenn V.]

The property that I'm about to get will potentially become a rental in the future. Should I put that property under a trust now before the closing of the mortgage or it will not matter to do it later? Will having the mortgage loan under my name defeat the purpose of the trust?

[Chris Simmons]

you can wait and do it later.  It will not impact things.  You are allowed to put it into a land trust without tripping the due on sale clause.  The mortgage would be in your name no matter what.  Your consumer mortgage products will never allow your land trust to be the borrower.  Without a job and savings and a good credit score, how could your land trust ever qualify for a mortgage?  Consumer loans are based on the borrowers ability to repay the debt.