My mom's home is in a trust, and I was named trustee. She has since died. The house is upside-down on its loan. Am I responsible for the shortfall?
The house is owned by a trust, not by you. The fact that the house's value is less than the mortgage on the property ("upside-down") will mean that the trust will have to either come up with the difference or negotiate with the lender for a mortgage adjustment before the property can be sold. If the property isn't to be sold, the bank may be willing to continue accepting payments on the note and wait for real estate values to rebound. The bottom line is that you will need to start a dialog with the mortgage lender to resolve the matter one way or another.
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The house is owned by a trust, not by you. The fact that the house's value is less than the 