$539k condo, value $209k it's my primary residence

Submitted by Barbara from FL - 06/13/2011 - 3:33am

If I put it in a revokable trust - will that add some benefit to me instead of foreclosing on it?
I put down $125k as a down payment.
Location: Florida

What is your advice on this?

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Comments

Submitted by Michelle - 06/13/2011 - 10:49am

Hi Barbara,
Transferring title into a trust does not stop a foreclosure. There are some folks out there that are using revocable trusts that have one or more of the trustees in bankruptcy to try to delay the foreclosure process. Although this can provide a temporary delay this does not completely stop or prevent the foreclosure process.

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