My lender is threatning foreclosure on my home. If I transfer my property to a trust, will that save my home?

2 ⤊

My lender is threatning foreclosure on my home. If I transfer my property to a trust, will that save my home?

2006-11-10 02:07:54 · 4 answers · asked by LisaMarie 1 in Business & Finance ➔ Personal Finance

4 answers

No. Your property is used as collateral on the loan. If you can't pay and the trust can't pay, the bank can foreclose on the property regardless who owns it.

2006-11-10 02:09:47 · answer #1 · answered by csanda 6 · 2⤊ 0⤋

And why is he threatening foreclosure ? You don't own your home...the lender has the title to the property.

2006-11-10 11:15:14 · answer #2 · answered by no nickname 6 · 0⤊ 0⤋

no i'm sorry you cant fix this one. u might have to live with relatives...well for quite some time. if you lack relatives then you're screwed.

2006-11-10 10:11:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋

no. either you owe money or you pay it off.

2006-11-10 10:09:12 · answer #4 · answered by uknowme 6 · 0⤊ 0⤋