Legal Question in Wills and Trusts in Massachusetts
I have mortgages for two properties against an irrevocable trust established by my grandmother (donor), who is now 99 years old. The mortgages generate 4.75% APR interest toward the trust. The reason for me having the mortgages against the trust is because the donor was looking for an investment, had previously made the offer over the past several years, and confirmed that it was as safe as being at the bank where my mortgages were previously held, since now they are against the trust.
The donor's son has severed communications between the donor and the donor's deceased daughter's children (of which I am one) who are listed as beneficiaries in the irrevocable trust. The donor has since relieved her previous attorney of duty, selected another attorney, been appointed trustee of her own irrevocable trust, and proceeded to send me a letter requesting that I pay the remainder of the mortgages in full within 30 days of receipt of the letter.
My question is, must I submit to refinancing with a bank, or, can I just stay where I am at with my current mortgage arrangements?
2 Answers from Attorneys
It's impossible to answer your question without looking at the trust, the mortgages and the notes. The trustee will be bound by the terms of the mortgages and notes previously entered into by the former trustee and by the terms of the trust.
I suggest you meet with an attorney who practices trust law ASAP and pay her to carefully review everything for you.
I would have to review the Trust as well as the terms of the Mortgages and the notes to properly advise you.
The Trustee regardless of his desire is bound by the terms of the notes. I suggest you meet with an attorney who handles both trust law and real estate law ASAP. You will need to provide the attorney with a copy of the Note or Notes, Mortgages and the Trust.
If you have any questions, please feel free to contact me.
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