Should trust own your mortgage
If you hold a mortgage, that mortgage should be owned by your living trust.
Tony: Yes, I have a question as far as the trust. I have a mortgage that I'm carrying from an inheritance and I don't have it in my trust name and I'm wondering how that will affect probate.
Attorney Tom Olsen: Tony you are receiving payments is what you're telling me, right?
Tony: Right. I self-financed this home that my parents had left me.
Attorney Tom Olsen: Tony, if you have a living trust, the mortgage that you hold where you are receiving payments definitely should be owned by the name of your trust. Tony you want to have an assignment of mortgage done where you assign that mortgage out of your individual name and into the name of your trust.
Tony: Okay. Now, here's the thing, the home was in New Jersey and obviously the mortgage was done there. Do I have to go back to someone in New Jersey to do that or I could get a local attorney here?
Attorney Tom Olsen: No, you're going to need a New Jersey attorney to do that assignment of mortgage for you.
Tony: Okay, so it's called assignment of mortgage?
Attorney Tom Olsen: You got it, Tony.
Tony: Okay that's what I need. Thank you very much.
Attorney Tom Olsen: All right, Tony, bye bye.
Tony: Have a great day.
Attorney Tom Olsen: You're welcome.