Me and my husband just put a bid on a home in colorado, then the day before closing, the title company ‘found’ a second mortgage. Now we are waiting for them to settle it? In the mean time we are staying in a hotel, because are lease expired and are looking into renting again. How long is this going to take, and how did the seller not know about a second before it went to auction?

Please only people with Title COmpany information answer this question. I asked my bank, and they could not answer my question. Here is the situation.

The house we live in was owned my my mother in law, and she had a second mortgage taken out on the house of $50,000 (that is all that is owed on the house) Approx value of the house is $400,000+.

She passed and the house went into the name of the trust with 3 siblings.

The $50,000 loan was a variable interest loan, and is now skyrocketing.

Can we get a mortgage loan for the $50,000 and keep the house in the name of the trust (with all 3 siblings still on the trust).?

Can we keep the property in a trust?

What steps must we take to do this (obviously all 3 members on the trust have to sign).

Thanks in advance.