I am the Trustee and need to pay the taxes on the property. There are no mortgages or liens on the property. I'd like to get some money out of it, fix it up a bit, then rent it out.
If you are the trustee, and if the trust allows it, you can borrow money against the property. But if there are other beneficiaries of the trust (for example, if you have a life estate and there are remainder beneficaries who will eventually inherit the property) as trustee you have a fiduciary duty to protect the other beneficiaries, which means you cannot take money out of the property for yourself. You are more likely to be able to borrowagainst the property to protect the propeorty - i.e. topay the taxes.
You need to have a trust attorney review the trust documents to see what you are allowed to do. You also need to see whether there are any provisions in the trust regarding who is responsible topay for property expenses.
The first step for you is to have the reust document reviewed by an attorney who can explain to you what your obligations are and what powers you have as trustee. There may be limitations imposed upon you by the trust document. And as the prior answer explained, the interests of any other benficiaries will figure into the answer. In terms of taking a mortgage out on the property, that shouldn't be problem (if the borrower has good credit and sufficiient income). Fannie Mae guidelines do require a few extra steps for property in trust though.
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