LAND TRUST
I HAVE A MOTIVATED HOMEOWNER. ALL THEY WANT IS TO KEEP FORECLOSURE OFF THERE CREDIT. AND TO GET OUT OF THE SITUATION. THEY WILL BE THREE MONTHS BEHIND AS OF MAY 3RD. I WAS ABLE TO SPEAK TO CUSTOMER SERVICE OPTION ONE OF CALIFORNIA. I FAXED AUTHORIZATION TO RELEASE. REQUESTED A PAYOFF AND AMOUNT NEEDED TO REINSTATE LOAN. THE HOUSE IS IN MOVE IN CONDITION. I WAS THINKING ABOUT KEEPING THIS ONE FOR POSITIVE CASH FLOW. I ASKED THEM IF THEY WOULD CONSIDER ME TAKING OVER THERE LOAN. THEY SAID YES, ANYTHING JUST TO GET OUT OF THE MESS. SO FIRST I HAVE TO FIND OUT IF I CAN TAKE OVER THE LOAN AND THEN HAVE A LAND TRUST SET UP. DWAN TALKED ALITTLE ABOUT THIS LAST WEEK. BUT I AM NOT CLEAR ON IT. CAN YOU GO OVER ALL THE STEPS WITH ME? APPRECIATE ANY HELP.
THANKS
IRENE
Irene- I'm not sure which part of the country you are in, but you should contact your real estate atty about setting up a Land Trust for you that will work in you State. What you are doing is called taking the home "subject to". The owners will deed the property into the Land Trust (they can use your trustee for this), the sellers then become the beneficiaries. An assignment of Beneficial Interest is signed, assigning the beneficial interest to you. In most states, you cannot be both trustee and beneficiary. You can, however, make your company the benef in most states. By using a LT in a subject to deal, it will allow the change of ownership to remain anonymous as far as the lender is concerned. Please use your RE atty to help you get this done. Best of luck, Sharon
SHARON,
I LIVE IN MICHIGAN. I HAPPEN TO HAVE AN APPOINTMENT TONIGHT WITH A REAL ESTATE ATTORNEY. I WILL TAKE THIS MESSAGE WITH ME SO HE UNDERSTANDS EXACTLY WHAT I WANT TO DO. BY THE WAY I HAVE HAD SEVERAL HOMEOWNERS CONTACT ME. I AM WORKING WITH FOUR RIGHT NOW. THE FLYERS AND DIRECT MAIL ARE WORKING! APPRECIATE YOUR HELP.
SINCERELY,
RENIE
Hello Renie,
Think you can find your caps lock key to make your posts a little easier on the eyes to READ?
Sure, not a problem.
Sorry
Renie