Revocable trust and mortgage debt (foreclosure, bank, required, need) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

Tressa · 03-08-2009, 12:42 PM

MIL will be going into a nursing home, she has her house mortgage part of her revocable trust, her condo isn't selling. If we let her condo go back to the bank as a foreclosure will they go after the beneficaries of the trust?

I know this is a legal question and I can only go on the advice or experiences of others but any information will be greatly appreciated.

Tressa · 03-11-2009, 10:46 AM

Is there nobody that can help with my question?

Donn2390 · 03-11-2009, 04:05 PM

All debts must be settled before the estate can be administered. I was required to pay off all debts before the estate I adminiustered could be settled. I didn't have to deal with a home in forclorsure, but it very well could require settlement.
I suggtest you consult an estate attorney for a professionl opinion. Something like that is very important, you need a knowledgable proffessional to advise you.
If you have the trust in hand, see if the trust maker is listed. If so, call for a consultation. It would be worth whatever it costs..