Assuming a mortgage and taking possession through a trust?

[Michael Wentzel]

So this is a first for me. A wholesaler in the market where I invest brought me a property in which the current mortgage would stay in place and I would close on the property through a trust. I have used this wholesaler before and often leaned on him for advice. So I trust him. But it is the first time I have done a deal like this. The numbers work. But how does the rest of it work?

1) Can I now communicate directly with the bank about the mortgage since I am the trustee? Can I change insurance?

2) Can I sell the property or refinance the property without going back to the seller/ beneficiary of the trust? 

We are using a Title company to close. But I would appreciate insight from those who may have done this or something similar in the past.

Mike