reinsteinsr
Oct 26, 2008, 09:57 PM
Good Evening,
My mother died in 2001 leaving a revocable living trust of which my sister and I are the only trustees. The condo is the only item left in my mothers trust. The condo is not worth what it use to be and the whole area has changed for the worse. I am trying to find the resources that will give me the information about legal abandonment without incurring any liability or identifying my liabilities. This condo has an HOA and I have been warned that the HOAs can be very ruthless and I need to know how to walk away. I fear that the value of the condo will continue to drop and it just does not make economic sense any longer to hold onto it. I know that people are simply walking away but I do not know what is involved especially with the Home Owners Assocations.
If you can respond back to me with some direction on where to look further or if you have expert advise then I am eager to read your response.
Thank you for your time.
Regards,
Steve R.
My mother died in 2001 leaving a revocable living trust of which my sister and I are the only trustees. The condo is the only item left in my mothers trust. The condo is not worth what it use to be and the whole area has changed for the worse. I am trying to find the resources that will give me the information about legal abandonment without incurring any liability or identifying my liabilities. This condo has an HOA and I have been warned that the HOAs can be very ruthless and I need to know how to walk away. I fear that the value of the condo will continue to drop and it just does not make economic sense any longer to hold onto it. I know that people are simply walking away but I do not know what is involved especially with the Home Owners Assocations.
If you can respond back to me with some direction on where to look further or if you have expert advise then I am eager to read your response.
Thank you for your time.
Regards,
Steve R.