Real Estate Law
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Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my best to help with your situation or get you to someone who can.
When you initially took out the mortgages, did you take them out in your name or did the trustee sign for the mortgages?
Ok, then unfortunately, you remain personally liable for the debts even if you deeded them into a trust. It doesn't matter whose name is ***** ***** deed, it is the mortgage that determines who is liable in the event of a default.
So if you were to allow the properties to go into foreclosure and they didn't sell for what was owed, then the lender could seek a deficiency judgment against you personally and attempt to enforce it against any wages and non-retirement assets.
I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...