Legal Question in Wills and Trusts in California
In 2008 my mother placed $100,000 down on and financed on her good credit the home we currently live in Tracy Ca . She had set up a living trust naming my sister executor with durable power of attorney for her estate which included this house. Upon her death she named me as beneficiary to this property in her will. Since then I have been making the payments diligently. It turns out the mortgage was a World Savings Loan bought by wachovia.(of which Wells Fargo recently settled a class action suit) The interest is 7% on a variable mortgage. we purchased for $450000 the home is now worth less than $200000 We are currently underwater and wachovia refuses to assist us. Even though I faxed copies numerous times of the trust and letter from my Sister's naming me as beneficiary to the property Wachovia will not even talk to me about a loan modification. I even qualify for the H.A.M.P program but they keep playing the same game telling me to fax copies of the trust over and with a letter of authorization from your sisiter naming you as the beneficiary etc. I have done this 5 times What ARE MY RIGHTS AS THE BENEFICIARY? iS THERE ANY WAY TO GET A LOAN MODIFICATION or a loan work out under this trust? Is this BREACH OF FIDICUARY DUTY? What are my options?
1 Answer from Attorneys
You are at the confluence of two of the more technical areas of the law, mortgage finance and trusts and estates law. As a result, and quite understandably, you don't even know how to phrase your question in a way that we can really understand what is going on. I strongly suggest you and your sister find a local attorney to help you sort this out. You're not going to solve this kind of problem on the internet.
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