Legal Question in Wills and Trusts in Texas

Our Home was put in a trust in order for a compnay to sell it during a divorce.

Last year I went through a divorce and we suddenly had to move out of our home. We were unable to make the payments and not wanting our credit history impacted even further we went to a company that would take over the payments get our loan paid off. This unfortunately is not what has happen. We did this on December 20, 2002, and as of yet, the home is still in our name and it has not been sold. The company however has had people living in it for almost a year. We have had to follow up with them on making payments and at times they have let the payments get 60 days behind. I am looking to see what my options are..

We did on December 20, 2002 sign a Standard Real Estate Purchase and Sale Agreement. Earnest money on their part was put down in the amount of $10 with a total purchase price to include the amount of the loan then on the home.

We also at this time signed a Declaration of Trust and Land trust Agreement. This trust set up an individual that is not employed by this company as Trustee. The trust made myself and my ex wife as 50% beneficiaries each. Can this trust be dissolved? Since earnest money was put down, but the home buying transaction never completed can the contract be gotten out of?


Asked on 10/28/03, 11:36 am

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Our Home was put in a trust in order for a compnay to sell it during a divor

The answer is probably. The trust gimic is used by those "we buy houses" guys who don't want to put any money into the deal. They are probably in breach and with an attorney's help, you could probably get the trust voided by them without having to go to court.

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Answered on 10/28/03, 12:00 pm


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