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IL Estate Planning Blog

Tuesday, April 20, 2010

Mortgage Refinancing Hints

REFINANCING HINTS

 

     My office has regularly assisted with necessary documents when clients are refinancing their property that is in a trust.  In the past, the mortgage carriers have allowed the refinancing with an attorney opinion letter.  However, as a result of the mortgage debacle over the last year, my office is experiencing a lot of multiple requests from mortgage companies which has caused a lot of frustration to our clients.  In order to avoid the frustration which we have observed, we are suggesting that as soon as you know that you are going to refinance, tell the mortgage company that your property is in a living trust.  We have observed that after the mortgage company has been provided with a full copy of the trust and an attorney opinion letter, the underwriters then ask that the property be taken out of trust.  In order to avoid all of this paperwork, if the mortgage company will allow you to close in trust, ask them to provide instructions in writing to allow the closing in trust.  If they are not willing to do so, my office can deed the property out of trust and then place the property back into trust after the closing.  Our office charges a deed preparation fee and recording fees from the county.  It doesn’t hurt to ask the mortgage company to pay the fee.   These items should be clarified within the first week of your decision to refinance in order to avoid your frustration when attempting to complete these items the day before your closing.


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With two offices in Oak Lawn and Oak Brook, Stephen M. Sutera assists clients throughout Cook County, DuPage County and Will County IL including Chicago, Hometown, Barrington, Burbank, Burr Ridge, Chicago Ridge, Darien, Downers Grove, Evergreen Park, Geneva, Worth, Bridgeview, Palos Park, Palos Hills, Palos Heights, Hickory Hills, Midlothian, Willow Springs, Oak Forest, Orland Park, La Grange, Brookfield, Berwyn, Tinley Park, Hinsdale, Villa Park, Clarendon Hills, Westchester, Westmont, Lombard, Elmhurst, Western Springs, Berkeley, Downers Grove, Fox Valley, Glen Ellyn, Willowbrook, Aurora, Addison, Lisle, Forest Park, Bensenville, Wheaton, River Forest, Itasca, Shorewood, Frankfort, Mokena, Naperville, Crest Hill, Homer Glen, New Lenox, Bollingbrook, Schaumburg, Channahon and Woodridge.



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4927 W. 95th Street, Oak Lawn, IL 60453
| Phone: 708-857-7255
2021 Midwest Road, Oak Brook, IL 60523
| Phone: 630-396-6800 | 708-857-7255
250 Monroe Avenue Northwest, #400, Grand Rapids, MI 49503
| Phone: 616-717-5752 | 708-857-7255

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