Can a living family trust protect my mother.s property once the bank owns it back after no one bid on it at auction? The property was included in the trust to be divided equally and my other 2 siblings said no we are letting it go to foreclosure 2 against 1 democracy rules. I have tried to keep the property but my sister is in control of all my mothers money and does not give any accounting of it.
Answered on: 7/18/13, 9:34 am by Anthony Roach
You mention foreclosure. If the bank has held a trustee's sale pursuant to the power of sale in a deed of trust, and made a full or partial credit bid, then the property belongs to the bank now. A living family trust does not prevent foreclosure. If no one has bid, including the bank, and the sale has been postponed, then the only way to prevent foreclosure is to either negotiate something with the bank or pay the amounts due to reinstate.
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