[doglover1967]

My father left his home to my sister and I several years ago. The house is not paid off and is still in the name of the family trust. Neither one of us can pay it off at this time but my sister wants to get another loan to pay if off so that she can lower her payments since they're outrageous. I have no interest in this home and would like to just let her take the house. What can I do? How do I remove myself from anything and everything to do with this home since we can't pay off the current mortgage until she secures her own financing? And how can she secure her own financing if I'm still basically a co-owner of the property?

[ScottGem]

She obtains financing by buying the home from you. You have to set a reasonable price for your share. At the closing, the current lender gets paid and so do you. The deed is then resgistered in her name only.

[doglover1967]

I don't want her to buy my share. She cannot do that, she's a broke single mother which is why I want her & her kids to have the house. They need it, I don't and I don't need her money.

[ScottGem]

The choice is not completely yours. Right now the home is in the name of the trust. The administrator of the trust can obtain refinancing in the name of the trust. But you may be required to sign on such a loan since you are a beneficiary of the trust.

So the only other way is for the trust to deed the house to you and your sister under the terms of the trust and then you sell your share to your sister.

Another factor would be what else is in the trust. If the house is the only remaining asset of the trust, then there is little more you can do. But if there are other assets, you can take your share of the trust out of other assets. But as long as you are a beneficiary of the trust, the assets of the trust must be distributed under the terms of the trust.

Now, one other factor here is you could gift your share of the house to your sister. You need to consult a tax specialist about this, since there may be some tax implications in doing so.