California  |  Wills and Trusts

Legal Question

Asked on: 11/18/13, 2:42 pm

My mother-in-law has 5 houses in her trust, 2 of which she owes more money than they are worth. She doesn't even collect enough rent on them to cover the full cost to own them.

We are concerned with what will happen when she dies. Most likely they will have to be foreclosed, since we can't cove the extra monthly money she pays to core them and they can't be sold for how much they are worth.

We are concerned this will affect our credit. Her lawyer told her that as long as we leave them in the trust, they will foreclose but not affect us, since we never put them in our name.

She does have considerable assets in stock as well, so we are concerned about if this money will be affected if the 2 houses left in the trust are foreclosed.

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