My father purchased a home for my family and I with a trust he set up and funded for me. After his death, the bank told me I had to sign a personal guarantee and a new note, promising me in return that they would "work with me" to help, recognizing that my father had fully funded the payments for the 100% mortgaged property. However, months have passed, and I am running out of money. They will not decrease the principle and will not accept a short sell or take the house back without a large deficiency judgment. They did not even get a financial statement from me until after they made me sign the documents, saying I had no choice in the matter. Do I have any recourse, or do I just go down with the ship?
Speak to a lawyer about these events. Your position may depend on how the trust was established, how the bank convinced you to sign the guarantee and note, and what the terms of the current loan agreement are. Those are all things that an attorney would have to see and study before providing any opinion on what your legal position may be.
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Speak to a lawyer about these events. Your position may depend on how the trust was established, how the bank convinced you to sign the guarantee and note, and what the terms of the current loan agreement are. Those are all things that an attorney would have to see and study before providing any opinion on what your legal position may be.
