If my father was placed in a permanent home and I put it into a living Trust, will this
allow me more time than 12 months to figure out what we are going to do with it?
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If my father was placed in a permanent home and I put it into a living Trust, will this
allow me more time than 12 months to figure out what we are going to do with it?
He is no longer living in his primary residence which has a reverse mortgage. From what I understand, we have 12 months to sell the home or the bank takes the home back.
Asked on April 19, 2018 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
The bank's right to foreclose for non-payment of a mortgage or HELOC or reverse mortgage cannot be defeated by transfering the home or placing it into a trust: a mortgage that predates the transference or the trust has priority over it and must be paid as per its terms. A transaction done after the mortgage was taken out cannot affect the bank's rights under the mortgage, and no matter who or what owns or controls the property, the mortgage must be paid when scheduled. Placing the home in a trust does not extend how long you have to pay the reverse mortgage and will not delay or prevent foreclosure.
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