Need Help
I did a subject to deal. I have the seller put the property in a trust and transfer the beneficiary interest to me. The seller later change her mind and complain to the attorney general office. Would anyone know any attorney in the twin cities area that know about LAND TRUST? Please let me know I really appriciate that. 
Thank you Bruce for you reply. Yes, i wiiling to give back the deed if she still want it. She wants me to get a mortgage and pay it off, and i willing to do that too. However, i do need an attorney to respond to AG office. Do you know how can i search for one in St Paul Minnesota? Thanks
Paul
I talked to them (Severson & Sheldon in Apple Valley). They dont know about land trust.
Check with the firms listed on this page. I did a search on Findlaw for real estate attorneys.
http://lawyers.findlaw.com/lawyer/lawyer_dir/search/jsp/stdSearch_process.jsp?stype=BY_ADDR_OR_ZIP&target=FIRM&practice=FL43&keyword=Enter+Keyword&city=North+Saint+Paul&state=MN&Submit2=Search%21
Just make your you get the 1098 from his/her lender.
If you have the right Purchase agreement it should state that you are buying Subject To existing mortgages/trust deed. That means that you are paying the bank not the old owner. Which means you claim the interest. Now if for some reason the old owner gets a hold of the 1098 and decided that he/she wants to claim it I think you might be in trouble. Also if you wanted to you could get paper signed stating just that.
Part of taking the prop sub2 is to send the lender a change of address form (or have your loan servicing company send it) so that any announcements, correspondence, etc. be sent to the address you choose. The 1098 should then come to you in Jan (or whenever they mail them out).
I was asking in re to holding on to the property myself, and just moving a tenant (not L/O) or myself in.
I was thinking about that. Was it an institutional lender? Did they have any issues with that?
This article should help:
http://www.thecreativeinvestor.com/residential/modules.php?name=Articles&file=article&articleid=472
Best regards,
Tim
Wells Fargo will do loans under 50k. 90% ltv and they should let you get some money held in escrow for the repairs. good luck.
If you just bought it whta do you need a loan for? Repairs? Do you mean you have it under contract or did you buy it subject to?
I have it under contract at the present time. Sorry.............
There are lenders that will loan under $50,000 - but the interest rate is higher than market value and there are very few of them. A good broker should be able to find one for you... otherwise, just get a hard money lender for a couple months, rehab it and do a quick resale.
Good Luck!
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