Has anyone done a short sale where the property is owned by a trust? W .

Submitted by Maria from CA - 08/20/2010 - 5:48pm

Home belonged to deceased family member. The loan is in the deceased person's name. Will the bank even allow a short sale. What information do you provide the bank. Who's information is used?

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Comments

Submitted by Michelle - 08/23/2010 - 10:33am

The best thing that you can do is to contact the bank. If the property was held in trust then the successor trustee would be responsible for communicating with the lender. My assumption would be that they would consider a short sale since there would be no recourse against the deceased individual or the trust if they foreclosed. The bank will be able to answer your questions and guide you in the documents that they would need. You may also want to contact a Realtor that specializes in short sales. Many of them have been through extensive training and have support organizations that they can consult regarding specific questions.

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