INFO. LAND TRUST
I LIVE IN ILLINOIS IF I PUT MY HOME IN A LAND TRUST WHAT IF I NEED TO SELL OR BORROW SINCE IT IS PAID FOR NO MTGS.AND IF THE MORTGAGE IS IN A DIFFERENT NAME HOW DO I KNOW THAT THIS OTHER PARTY WOULD NOT INCUR ANY LIENS OR STEAL IT FROM ME THANKS HAROLD
I don't know the answer to your first question.
As for "the other party", it is just an entity that is under your control...assuming you put yourself, or a company you own, as the trustee, and yourself as the benificiary.
You can place your property in a Land Trust with no problem. When you sell the property, you can either assign beneficial interest in the land trust to the new buyers, or instruct the trustee to deed the property to the new owners at closing. If you use the second method, the Land Trust should be dissolved since it is no longer funded, and doesn't have any assets.
If the property is in a Land Trust, and you need to borrow money against it, the lender will be lending you, not the Land Trust the money. The Land Trust is not able to show the lender an ability to pay the monthly payments. The Mortgage will be in your name, and the assets of the land trust will be the collateral for the loan. Keep in mind, Your trustee will do this for you and can sign the paperwork "as trustee". Therefore the trustee should be someone that you trust completely to only do what you direct them to do, and not commit fraud by incurring additional debt without your permission. If this incurrs, you will have to seek satisfaction from the trustee yourself.
I hope this answers your questions,
Jeff
thanks jeff i guess have to look for a trustee that i can trust and from my past experiences when it comes to money that will be very hard if only there were some type of bonded insured trustees then i could sleep better at nights once thank you very very much for your reply