I transferred title to my home to a living trust, of which my wife and I are trustees, and my children are the beneficiaries. The main reason was to avoid probate. My mortgage company wants $100 fee for "processing" the quit claim deed.
I understand the mortgage co has a lien on the property until the loan is paid (in 2022). But I'm not quite clear on why I should officially notify them that I transferred my interest in the property to the trust.
My question is;
- If mortgage co doesn't officially recognize the quit claim deed, how will that affect the transfer of my estate to my children if I die?
- Can I just send them (certified mail) a copy of the quit claim deed and refuse to pay the fee?