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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Unloading a condo... Posted by Alfred CA on October 08, 2001 at 6:36 PM I'm the executor and successor trustee for my deceased aunt's trust. I've pretty much handled all of her affairs except for taxes. The big remaining problem I have is her real estate. She bought a condo in S. Carolina for 138K and used her stock broker, Morgan Stanley, for a 5 year interest only mortgage loan for the full 138K. This agreement froze 138K in her money market as security. The condo hasn't appeciated any since she bought it; it's been on the market for 6 months with not one offer (it's costing the trust $2500 per month with mortgage and maintenance); there isn't any buying activity going on in this area; it has a $1500 per month maintenance fee (which is a real deterrant to a sale in my opinion); nothing has sold in her complex for over two years; I talked to an auctioneer about auctioning it and he said not to waste my money setting it up, not one person even showed up for his last real estate auction two weeks ago. The heirs are desperate to get rid of it and I'm having a hard time doing so. I wouldv'e just walked away from it if it were a conventionally secured loan. But if I walked on this arrangement MSDW would just foreclose on the money market acct and take their 138K plus fees. Anybody have any bright ideas? Follow Ups: Time to cut losses? Albert 7:00 AM, 10/09/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I'm the executor and successor trustee for my deceased aunt's trust. I've pretty much handled all of her affairs except for taxes. The big remaining problem I have is her real estate. She bought a condo in S. Carolina for 138K and used her stock broker, Morgan Stanley, for a 5 year interest only mortgage loan for the full 138K. This agreement froze 138K in her money market as security. The condo hasn't appeciated any since she bought it; it's been on the market for 6 months with not one offer (it's costing the trust $2500 per month with mortgage and maintenance); there isn't any buying activity going on in this area; it has a $1500 per month maintenance fee (which is a real deterrant to a sale in my opinion); nothing has sold in her complex for over two years; I talked to an auctioneer about auctioning it and he said not to waste my money setting it up, not one person even showed up for his last real estate auction two weeks ago. The heirs are desperate to get rid of it and I'm having a hard time doing so. I wouldv'e just walked away from it if it were a conventionally secured loan. But if I walked on this arrangement MSDW would just foreclose on the money market acct and take their 138K plus fees. Anybody have any bright ideas? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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