Trust, commercial property, bleeding cash..family issue!

[Joshua Springer]

Hey guys,

I’m trying to help my mom as much as possible without getting financially involved.This is all in rural Ohio.Main objective, aquire $50,000 cash and refinance other commercial properties

Here’s as many details as I can give confidently without mixing it up since I don’t have the docs.Any help in solving any of the issues at hand would be great!

• 1.There is a trust involved.It was under my grandmother’s name with my stepdad and mom as trustee.Most deeds owned are in this trust with mortgages under either grandmother(Whom passed away about 10 years ago) or stepdad(whom passed away last year). ..but might also be commercial mortgages with them as personal guarantors.
• 2.Before my stepdad passed away he paid cash for a complete reno but the deed to this property is in my mother’s name personally.
• 3.She is bleeding cash without his income to try to fix this property up and do a couple major upgrades in some other properties (furnace, AC).
• 4.Her intention is to fix part of this property up and have my youngest sister live rent free and rent out the other portion.The property is free and clear and she has invested quite a bit of money to try to get it in liveable condition but she is starting to get crunched and her credit score(roughly 650 now from 715) is coming down because of the credit she is using to try to complete the job.Are there renovation loans for this?203B are typically for purchases I believe and for personal residences, but if her daughter lives there does that help at all?
• 5.She is trying to get $50,000 total to try to fix up the reno project plus pay for the expensive repairs on the other properties.
• 6.She would also like to refinance the other properties which may be under commercial loans but deeds are in trust.One is over 12% and others I believe are over 8%.
• 7.Her personal property has a mortgage for $130,000 and is showing about that value on auditors website + corelogic/Zillow.However, they completed gutted and rehabbed their house many moons ago and turned it from a 3 bedroom 2 bathroom church house into 5/6 bedroom 4.5 bath house.I believe theres plenty of equity to be found here but she's afraid if she gets an appraisal for HELOC either she will waste money and it will come out to what the internet says or the county will reappraise the house and raise her taxes significantly which she can't afford right now.
• 8.She has a promissory note from a lawyer my stepdad lent $50,000 to some time ago.The note was due for $83,000 balloon in 2011 but he has only paid $5,000 on it.I don’t know the full details of this but she is supposed to send me a copy.

Thanks for any help...this is pretty complicated, especially since I don't have the paperword to really lay down the exact details.  My mother is stressed out of her mind and I think she's starting to go into a shell to avoid the issue at hand rather then let me help her solve it!