How To... in 11767>Question Details

Ivy, Other/Just Looking in 11767

CAN A GRANDFATHER LEAVE IN HIS LIVING TRUST AS A RESULT OF ASHORT SALE HOUSE TO HIS 18 YEAR OLD GRANDDAUGHTER?

Asked by Ivy, 11767 Tue Jun 28, 2011

0 votes Share Flag How To... in 11767

Help the community by answering this question:

Answers

3
Not sure your question is understood, however you really should consult with an attorney who specializes in Trusts and Estates.
0 votes Thank Flag Link Tue Jun 28, 2011
Ivy,
If I understand your question, can someone leave their granddaughter a home in the midst of a short sale? While I'm not an attorney, I would ask why would they want to? If the home has no equity and is in the process of being sold it would have no value to someone they loved.
If it was part of a trust with other items of value it may even cause the trust to be forced to sell off other parts to cover some costs not permitted by the lender in the short sale.
Your final answer will need to come from an attorney familiar with the estate and the trust involved. If there is still time to remove this home from the trust, it may be in everyone’s best interest to do so, but again, talk to an attorney.
0 votes Thank Flag Link Tue Jun 28, 2011
not sure what your question means - if you're asking if a grandparent can leave a home that is in foreclosure to his grandkid the answer is no.

of course talk with an attorney and i am not 100% sure about your question.

IF you're asking can a grandparent sell a home to a grandkid via short sale - the answer is no - any short sale transaction MUST BE "arms length" - no relation to seller.
0 votes Thank Flag Link Tue Jun 28, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer