Legal Question in Wills and Trusts in California
I am 57-years old - last year went through divorce (after 35 years) and this year got laid off from my job in July. I am still on unemployment at this time but have two very part-time not stable (as far as hours) jobs. My father is suggesting that the family "trust" take out a mortgage loan on my house. I am the current owner but with 2 mortgages - the 2nd my ex is still paying. My original intent was to refinance early in 2011 to get the ex off everything completely and the house be mine. But with the unemployment status, that is now impossible.
I don't really want the trust to take over my house. What are any legal implications to that? Am I still considered the homeowner? Do my siblings have any legal say to what happens to the house? Including reparations/upgrades?
Any explanation or advice would be welcome. Thank you for your time.
2 Answers from Attorneys
It doesn't sound like a good idea. (This is not legal advise.)
The trust will not be able to take out a loan on property it does not own. If you turn your ownership over to the trust, you will not own it anymore and the trustee will control it.
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