2007-06-22 15:02:29 · 10 answers · asked by ConcernedStepMom 1 in Family & Relationships ➔ Marriage & Divorce
Well if it has her name on it when she took out the loan there's not much anyone can do about it. If it wasn't then he needs to get an attorney and sue the loan company that gave her the loan. Besides if the loan wasn't in her name then whom evers name was on it had to sign papers for her to get the loan. Need to find out who's names on the house first before doing anything.
2007-06-22 15:08:58 · answer #1 · answered by Countrygirl 5 · 1⤊ 0⤋
Obviously the house isn't HER'S otherwise it wouldn't be in trust for her SON. She has no right to take a mortgage out on the house, which will leave him nothing but debt in trust. Hopefully the mother has the brains to consult a lawyer before she does something that can get her butt into major hot water.
2007-06-23 04:35:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The trust won't do him much good if he isn't around to enjoy it - she's got to do what's necessary to take care of him NOW. She can always repay the money later. In my mind, a trust is meant an a kind of insurance to be sure someone is cared for - by taking a mortgage against it, she's effectively using that trust as if it were cash, and she's taking care of her son.
2007-06-23 00:16:27 · answer #3 · answered by Magaroni 5 · 0⤊ 0⤋
Of course it's wrong. He could end up with an inheritance that's nothing but a huge debt. She's taken advantage of her position as trustee. If she doesn't make the payments I'd say he might have a case against her when he comes of age.
2007-06-22 22:50:46 · answer #4 · answered by Anne M 5 · 0⤊ 0⤋
no she should be able to do what she wants...she can take out a reverse morgae if she is over a certAIN AGE ..SHE MUST NEED THE MONEY ITS HER HOUSE AND SHE SHOULD BE ABLE TO DO WHAT SHE WANTS WITH THE MONEY..whe you do take over you will just have to pay back the loan..whats so bad about that>>??and the house value will be worth more anyways..why worry about it?? your going to get a house some day ..you can sell it and still come out even..yes its legal i just went through this and by the time we paid back the loan i still came out a head because the house value went up..
2007-06-22 22:53:03 · answer #5 · answered by mary c 3 · 0⤊ 0⤋
It depends on the terms of the trust. If the house is in trust, who is paying the taxes? who takes on the upkeep?
You need to call the lawyer for clarification
2007-06-22 22:10:31 · answer #6 · answered by Nort 6 · 3⤊ 0⤋
Ethically, I would say yes. That mortgage will go with the house, yes?
If that is legal, I would call that a HUGE loophole.
2007-06-22 22:45:57 · answer #7 · answered by Jenny 5 · 0⤊ 0⤋
Depends on the way the trust is written and if she is the executrix of the trust.
2007-06-22 22:07:22 · answer #8 · answered by ♥♥The Queen Has Spoken♥♥ 7 · 0⤊ 0⤋
uhh.. yeah it is!! why would u take out a morgage on something that is to be in trust for son? that is morally wrong bc if u die or whatever (god forbid), hed be responsible for that!
2007-06-22 23:55:42 · answer #9 · answered by Anonymous · 0⤊ 0⤋
um - yes......why would you do that?
2007-06-22 22:07:10 · answer #10 · answered by Anonymous · 0⤊ 0⤋