Re: NEED CA FORECLOSURE HELP FROM JULIO!!!!
Posted by Julio Martinez-Clark on February 28, 2008 at 08:55:26:
In Reply to: Re: NEED CA FORECLOSURE HELP FROM JULIO!!!!
Posted by Jennifer on February 27, 2008 at 19:38:18:
Jennifer,
The following is a definition of a Living Trust:
"This document holds your trust assets while you are alive. The assets held in your revocable trust are under your control and can only be used for your benefit. The revocable trust also provides for the management of the assets transferred to it in the event of your incapacity. Upon your death, the Trustee you’ve appointed signs over the legal title of your assets to your beneficiaries. This can be done without a court order."
Only you and who wrote your trust know what assets are in the trust. If you only have one asset on it (your home), and that asset is no longer in your control (e.g. sold at foreclosure auction) then the trust makes no sense since it has no asset to justify its existence.
I recommend you read my article titled "Asset Protection - What Is The Big Deal About Asset Protection Anyway?" at my blog ( ) and speak with the person who created the living trust for you.
Julio Martinez-Clark
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