Living Trust in a Foreclosure?
As I am likely to loose my job soon, I may have to walk away from my home mortgage, in Las Vegas, NV. I am being told a Living Trust would protect me and my limited cash from the mortgage company.
I am seeking info., experiences, etc. on how to proceed.
Thanks in advance.
A Living Trust can NOT protect you from them if it is a REVOCABLE Living trust. (revocable meaning, can be amended) If assets were put in, it can be pulled out.
If you have an irrevocable trust, yes it can be protected. This means that assets cannot be taken out. Typically, living trusts are created as revocable since lives change so much. For example, parents get angry at children and want to change the distribution of assets.
To sum up, if you have a revocable living trust, no it will not protect you.
Hope i helped
January 28th, 2010 at 12:16 am
you need an atty not yahoo answers on this
References :
January 28th, 2010 at 12:40 am
A Living Trust can NOT protect you from them if it is a REVOCABLE Living trust. (revocable meaning, can be amended) If assets were put in, it can be pulled out.
If you have an irrevocable trust, yes it can be protected. This means that assets cannot be taken out. Typically, living trusts are created as revocable since lives change so much. For example, parents get angry at children and want to change the distribution of assets.
To sum up, if you have a revocable living trust, no it will not protect you.
Hope i helped
References :
I am a paralegal for an estate planning attorney for the past 3 years