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Interesting Questions
A living trust in Oklahoma is a legal arrangement where you transfer your assets into a trust while you are alive and retain control over them. It allows for the management and distribution of your assets both during your lifetime and after your death.
Yes, you can create a living trust in Oklahoma even if you have a mortgage. However, it is important to consult with a qualified attorney to ensure that the terms of the trust do not violate any mortgage agreements or requirements.
No, a living trust does not directly affect your mortgage in Oklahoma. The trust and the mortgage are separate legal arrangements. However, it is advisable to inform your mortgage lender about the trust to ensure compliance with any mortgage terms.
Yes, you can transfer a property with an existing mortgage into a living trust in Oklahoma, but it may trigger a due-on-sale clause. This clause allows the lender to demand full repayment of the mortgage if the property ownership is transferred.
Transferring a property into a living trust does not automatically change the terms of your mortgage in Oklahoma. The property remains subject to the mortgage, and you are still responsible for making mortgage payments.
Yes, you can sell a property held in a living trust with a mortgage in Oklahoma. However, it is important to remember that the mortgage will need to be paid off from the proceeds of the sale before any remaining funds are distributed according to the trust's instructions.
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