Chapter 7
Date: Fri, 12/24/2010 - 23:11
If the property is in a Realty Trust, the Trust has three trustees and one benificiary who is also a Trustee. If one of the two non beneficial interest Trustees files for Ch 7, and both these two Trustees have signed on the mortgage, what happens to the the second mortgage and can the Trustee with the 100% benefical use the property for a reverse mortgage and what are the new basis of the loan for the mortgage
If the trustee filing bankruptcy, does not have any interest in
If the trustee filing bankruptcy, does not have any interest in the Trust, then his/her filing bankruptcy won't affect the property or the other trustees in any way. As far as the reverse mortgage is concerned, unless the concerned person is 62 years of age, he or she won't be able to get a reverse mortgage. Moreover, the property should be free and clear in order to get a reverse mortgage on it.
Hi! Welcome to the forums! Anna is right. The trustee having n
Hi!
Welcome to the forums!
Anna is right. The trustee having no interest in the trust can file Chapter 7 bankruptcy. It will have no impact on the property or other trustees. Individuals can qualify for reverse mortgage when they have equity in their home and are at least 62 years.
