equity land trust sample
Derrick:
I'd appreciate receiving a sample also. I understand the new FNMA Deed's of Trust contain a clause that includes any transfer of 'beneficial interest" as a due on sale violation trigger. Any comments?? 
FNMA's Newest clause re: BI Transfer adopted circa 1986.
Results :
No DOS Triggered nor actions succeeding since that period....
Citings in support of right of Transfer:
Only 2 cases since 1984:
Wellenkamp vs. Bank of America (8/25/78)
"The Bank Lost wellenkamp Won!"
(50 USLW 4916) 73 L.Ed.2d 664, 10 S.Ct. 3014 (1982)
Fidelity FSB vs. de la Cuesta (6/28/82)
"Again the Bank lost De La Cuesta Won!"
Regulations Act of 1982 -(FDIRA) (10/15/82) 12 USCA sec. 1701-j-3
If the Bank threatens DOS thus accelerating the loan as due immediately...
Tell 'em to go..."POUND SALT!"
As my friend BILL GATTEN would say!
Hope this helps!
Derrick Ali
_________________
[ Edited by DerrickAli on Date 12/14/2002 ]
How do you spell relief---YOUR THE MAN!!!!!!!!! THANKS--will look forward to your sample land trust agreement
Derrick,
500+ Subject To deals, no Due on Sale ever called. Go figure!
As my friend $Cash$ would say, what's all the hoopla about a trust, been using a simple $19.95 one I bought at the Office Supply store, had my Attorney check it out and used it many, many, times, I would say it paid for itself.
I would like to give you some court cases only I have never been to court on mine.
You know you are my favorite man to kid with every once in a while. More than one way to skin a lender I guess.
John $Cash$ Locke
Skin'n Lenders what I do Best!!!
JohnLocke $19.95 is also the price of my QuickStart eBook!
$100K your first 30 Days in the Biz is A-We-Soooo-ME!!!
My fastest turnover was not that close however I did increase my Networth by that amount on my third Trust deal!
Focus, Guidance (Direction) and Support
was the SECRET...and LOTS of BRAVADO!!!
Never been to court on any of my deals either!
Onlty two cases ever since 1984 and still counting...Ya Never know!
Thanks for the words of Winkdom!
It's ALL GOOD!
DERRICK
[addsig]
Derrick,
When are you going to do your fourth deal so you can make some more money?
It goes to show there are many methods in creative real estate investing to become successful, the new person just needs to find one they are comfortable with, and stay FOCUSED.
Then they can start using other methods from their knowledge base, but they should become successful in one area before they spread their wings with other investing methods, otherwise 'information overload' is going to kick in and they will be riding the 'circle bus' going around and around and around going nowwhere.
As John Michael said "let the teachers teach" or get on the right bus with some of the great drivers here on TCI.
John $Cash$ Locke
JohnL:
TRUE THAT!!