Wow,this is the first...no responses!
The question was posed to me...I wasn't sure on how to answer that person...
Obviously, a land trust can not be done while a property is in Ch13.[ Edited by millionaireinthemaking on Date 05/18/2004 ]
YES---that is if the BK Trustee agrees to let the property be released from the plan.
I don't know why they'd do so.
However I have had one occassion whereby the Trustee agreed to release a property on the owner's request and only b/c the Lender was seeking a lift of the stay of foreclosure.
The BK'd Owner owned a rental property that was also included in her Chap 13 BK Plan---
After I presented a plan to her that I could negotiate with her mortgage co to avoid foreclosure ONLY If the PROPERTY WERE TO BE RELEASED from the BK...
She requested that it be relased then...She agreed to grant me a power of attorney to place it inside of a trust + QC Deeded here interest in the Title +Granted me 90% of her remaining beneficial interest within the trust for my paying up her arrears and paying off the existing mortgage within a 2 yr period.
This Owner received a total of $10 + a paid off mortgage for her benefit and I got a FREE property---NICE!!!
The house was rented at the time and I got the tenant to pay for all of the costs to set up the deal this way she became a co-beneficiary of the trust and we structured a way for her to own the property.
So it can work---is a little frustrating but not overly complicated nor a get-rich FAST gambit.
Wow,this is the first...no responses!
The question was posed to me...I wasn't sure on how to answer that person...
Obviously, a land trust can not be done while a property is in Ch13.[ Edited by millionaireinthemaking on Date 05/18/2004 ]
JB:
YES---that is if the BK Trustee agrees to let the property be released from the plan.
I don't know why they'd do so.
However I have had one occassion whereby the Trustee agreed to release a property on the owner's request and only b/c the Lender was seeking a lift of the stay of foreclosure.
The BK'd Owner owned a rental property that was also included in her Chap 13 BK Plan---
After I presented a plan to her that I could negotiate with her mortgage co to avoid foreclosure ONLY If the PROPERTY WERE TO BE RELEASED from the BK...
She requested that it be relased then...She agreed to grant me a power of attorney to place it inside of a trust + QC Deeded here interest in the Title +Granted me 90% of her remaining beneficial interest within the trust for my paying up her arrears and paying off the existing mortgage within a 2 yr period.
This Owner received a total of $10 + a paid off mortgage for her benefit and I got a FREE property---NICE!!!
The house was rented at the time and I got the tenant to pay for all of the costs to set up the deal this way she became a co-beneficiary of the trust and we structured a way for her to own the property.
So it can work---is a little frustrating but not overly complicated nor a get-rich FAST gambit.
What does your proposed deal look like???
Happy Investing!
Derrick Ali :-D