As trustee of an Anaheim revocable trust or the personal representative of a California estate, you have a responsibility to pay the mortgage on any real estate, provided there are sufficient funds available to do so. Failing to keep up with the mortgage as you implement an estate plan could result in the trust or estate losing one of its biggest assets. If you are faced with the threat of foreclosure on an asset held in an Anaheim living trust or estate, an experienced California estate administration attorney can help you understand the options that are available to you. These options may include:
- Continue to make payments on the mortgage if there are sufficient funds available. It is important to carefully review the terms of the trust or will, however, to ensure that you follow any instructions related to such payments.
- If there are insufficient funds, you may consider borrowing additional funds to temporarily stop the foreclosure proceedings. Assess whether the will or trust grants the authority to borrow funds.
- If you have available funds and the terms of the trust or will do not forbid it, you could consider loaning the money yourself to make the mortgage payments. These payments should be reimbursed as an expense of the trust or estate.
- Contact the lender, and attempt to negotiate a delay in the foreclosure proceedings. If the lender is aware that the property will be sold quickly, they may be willing to work with you. The earlier you initiate communication with the lender, the better.
- Consider taking more aggressive actions, such as seeking an injunction to temporarily stop the proceedings.
With such a large asset potentially at risk under the threat of foreclosure, it is essential that you act quickly and with the guidance of an experienced professional. Contact the Law Office of James F. Roberts & Associates, APC, today for more information. Our office of experienced Anaheim trust administration attorneys can be reached at (714) 282-7488.