Can I?
Can I pay off a mortgage for someone that is in foreclosure, put the property in a land trust with my company as trustee and my partner as benificary to get around the seasoning issues?
Can I pay off a mortgage for someone that is in foreclosure, put the property in a land trust with my company as trustee and my partner as benificary to get around the seasoning issues?
What are you trying to accomplish?
If you are trying to get the property, you might try buying the paper at a discount and then foreclose.
If they are a relative, and you are trying to help them save the property, you could definately pay off the underlying financing. and deal with seasoning issues because of the title change. -or- You could purchase the property outright, with new financing, and use the new financing to pay off the loan. Problem solved. You are on the title, have control of the property, and now your only difficulty will be when you have to evict them for non-payment.