QUESTION
I want to sell my parents house but my mother refuses. What options do I have?
Asked on Jul 10th, 2013 on Estate Planning - California
More details to this question:
My parent’s home is in trust. My father passed away three years ago and my mother is struggling to keep the house because of 2 mortgages. The mortgages exceed the current market value of the house. My mother is now facing cancer and the doctors are saying she only has 6 months more to live. I cannot afford to pay mortgage. I want to sell the house but my mother refuses. I know she doesn’t have money for the mortgage.
14 ANSWERS
You need to discuss all of the facts and the trust provisions with an estate planning attorney. Knowing what the trust allows or does not allow will assist you in determining the best course of action.
Answered on Jul 16th, 2013 at 10:15 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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Who I the trustee of the trust? The trustee or trustees make those decisions.
Answered on Jul 14th, 2013 at 8:37 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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If the trust was set up by your parents, most likely they are the grantors and the trustees of the trust, and only they (and now just your mother) have the authority to sell an asset in the trust.
Answered on Jul 14th, 2013 at 8:36 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Unless you are the trustee, then you do not have any legal authority to do this. If you are the trustee, then you have the right to sell, but I am not sure why you would, given the circumstances. You would need to get approval from the bank for a short sale. They are not required to do that.
Answered on Jul 14th, 2013 at 8:36 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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I assume from your facts that your mother is trustee and is a settlor of the trust. Unfortunately, it's your mother's house. You can try to talk to her, but if she can't be convinced, then she can't. Nothing in your statement indicates that your mother is incapacitated. If you sell the house on a short sale, your mother (and you) come away with nothing. If your mom holds onto the house until she dies, and then it gets foreclosed because you can't and won't pay the mortgages, then you come away with nothing. Either way, you come away with nothing, whether you win this argument or lose. Now, do you want to spend the last six months of your mother's life with her mad at you because you keep ragging on her to sell her house? I hope not. Your parents mortgaged their home in excess of its value; there's a lot of that going around, it's a bad deal and I'm sorry. I did, too. But what your mother needs now is for her family to be there for her, to help her face the approaching darkness. Focus on her medical needs and her need for family support. If she can live in her house until she dies, that's probably worth a few more mortgage payments. She needs her family more than she needs a financial advisor.
Answered on Jul 14th, 2013 at 8:36 PM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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Let the bank foreclose. It is a long process. It is her house and her business.
Answered on Jul 14th, 2013 at 8:35 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Does the appraised value of the houses exceed the two mortgages plus brokerage fees and other closing costs, such as taxes and title insurance? If not, you might as well as allow the lenders to foreclose eventually, and stop paying the mortgages, and use the saved funds for your mother's care.
Answered on Jul 14th, 2013 at 8:35 PM
The decision is up to the trustee of the trust that owns the house.
Answered on Jul 14th, 2013 at 8:35 PM
2 Awards
It is not your call. Unless your mother lacks capacity she can do what she wants even though you wouldn't do the same.
Answered on Jul 14th, 2013 at 8:35 PM
3 Awards
Are you the trustee? If you are not the Trustee you cannot sell her home. You should have the trust reviewed by attorney to advise you on the specifics. This forum cannot provide you with specifics.
Answered on Jul 14th, 2013 at 8:34 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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If the mortgages exceed the market value of the house it cannot be sold without her bringing money to the table.. so it is likely your mom is doing the right thing Just let her live there without payment of the mortgages. If she does not make payments and they foreclose.. do not worry she has 6 months to redeem.. so.
Answered on Jul 14th, 2013 at 8:34 PM
You can petition a court to break the trust but you'd probably still need your mother's permission to sell the property if she's the named beneficiary. Or you can let the house be foreclosed upon by the mortgage companies who will sell it and use the proceeds to pay off as much of the mortgages as possible.
Answered on Jul 14th, 2013 at 8:34 PM
Thomas Edward Gates
Only the Trustee can sell the house. If you do not qualify, then there is nothing you can do.
Answered on Jul 12th, 2013 at 11:56 PM
Estate Planning Attorney serving Torrance, CA
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The Law Office of Kelvin Green
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I am sorry for your situation. The trustee controls the trust and thus controls the sale of the property. If she is trustee, it would be her choice. I suspect if she only has six months to live, she doesn't want to leave her home. Although the finances may be stressful the pending death and giving her home up may be a lot for her that you might want to be sensitive to that and not push it. Try working out something with the mortgage companies.
Answered on Jul 12th, 2013 at 11:14 PM