Posted on: 20th Aug, 2010 10:38 am
My brother passed away in 08, he had a living trust that I am the trustee for. There are two homes that are rented and all payments to lenders are and will continue to be current. I need as "trustee" to be able to speak with the lenders if needed. Bank of america has told me to submit the needed information to do a "simple assumption", I just want to be sure this is what I need to do, and that the trust remains liable to the lenders and not me personally. Thanks
If you assume the loan in your name, then you would be personally liable to the lender for the mortgage payments. In that case, the trust won't be liable for the loan. If you don't want the properties, then you can sell it off and the buyers can refinance the loan in their name.
I do not want to sell the homes in this down market. I only need to be able to speak with the mortgage companys, as trustee. As it is now the mortgage companys will not speak with me. I have submitted my contact information to them explaning that I am the "trustee", the property's are to remain in trust, I only need to be able to discuss loans if something were to come up. So I'm guessing that a simple assumption would change the loan in some way? this is not what I want to do, loan should remain the same, only want to be the contact person.
As you're not on the loan or on the property, the lender will not be ready to have a word with you.