Legal Question in Wills and Trusts in Massachusetts
deed in living trust - mortgage in individuals name
If a living trust is named on the deed of a house but the mortgage is in the name of the individual, can the mortgage company go after the trust for payment. The mortgage is higher than the value of the house and we want to foreclose.
1 Answer from Attorneys
Re: deed in living trust - mortgage in individuals name
The Mortgage can foreclose against the property if at the time the Mortgage was given the owner was the individual. Assuming you hold a note, only the signor of the note is liable for any deficency. Unless the Trust is a signor to the Note, you can't go directly after it. You can however go after any assets that the individual has ownership or the ability to take ownership.
A revocable trust is just that a revocable trust. Your ability to attach the trust assets will depend on who provided the funds for the Trust, Settlor, and who the beenficiaries are.
Please feel free to contact me if you have additional questions.
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