in the future after I'm all straighted out... I am thinking i will place it in trust to shield it from creditors. I may be moving to a state that doesnt have a good homestead exemption.
Can you have a mortgage on a property when it is under a trust? Irrevocable vs revocable
Can you get a HELOC when it is under a trust?
Great questions you've asked as I'm interested in knowing more about this as well. Hopefully, someone in the forums can chime in.
Mortgages seem to be easier when the home is in the owner's name vs. in a trust. With greater scale, it may make sense to create an LLC and pursue a business loan or CLOC. Some lenders say the collateral property can't be retitled into a trust, but they don't really seem to care so long as the mortgages payments are made on time. Not sure about HELOC.
Not an attorney. This is based on experience with houses/apartments in CA, with the trusts' intent to continue a rental business through the owner's incapacity (rather than dodge creditors).