If I'm a seller -- who is working with an investor to "flip" my home -- what are the risks of creating a trust and naming my investor named as the benificiary?
if he wants to create a trust he is doing 2 things.
1 trying to avoid a DOS clause on your mortgage
2 using your money and your credit to benefit his side of the transaction.
If you do this and then try to buy another house you may not be able to get financing, as you still have a mortgage in your name.
The danger is that if this investor stops paying your mortgage he has zero liability, your credit gets screwed and you get forclosed on.
again why are u using an investor to sell the house.
the more info we have on a deal the more help you will get.
I to would like the answer to this. I acutally would like someone to explain how a trust for real estates works.
I to would like the answer to this. I acutally would like someone to explain how a trust for real estates works.
why are u using an investor to sell your home.
if he wants to create a trust he is doing 2 things.
1 trying to avoid a DOS clause on your mortgage
2 using your money and your credit to benefit his side of the transaction.
If you do this and then try to buy another house you may not be able to get financing, as you still have a mortgage in your name.
The danger is that if this investor stops paying your mortgage he has zero liability, your credit gets screwed and you get forclosed on.
again why are u using an investor to sell the house.
the more info we have on a deal the more help you will get.