Taking Mortgage Out Of Land Trust

Comments(8)

• 
  jeff120025th December, 2003

  You should be able to have the Trustee issue a warranty deed in your name. Then you file the warranty deed and you're done. At least that's the way I understand it.
  Good luck,
  Jeff

• 
  DerrickAli5th December, 2003

  Swetbak:
  
  Jeff is K-Rekt!
  
  I don't think your Lender is properly informed...or maybe you need to give us more details???
  
  Is this YOUR land Trust or that of a Seller who creatively assignd you Beneficial interest in the Trust?
  
  If this is the case then the lender is K-Rekt in needs a Purchase Agreement from the Trust to You.
  
  Hope this helps.
  
  Derrick

• 
  swetbak5th December, 2003

  The land trust was created when I did a sub-2 deal and now I wanted to refi.
  
  Here's what happened:
  We did a quit claim deed from the Land Trust to me with the Trustee signing the deed. Then I had to bend over and pay my fee to transfer the deed.
  Now I can refinance!
  [addsig]

• 
  DerrickAli5th December, 2003

  That's Right!

• 
  fox_10285th December, 2003

  I've had some experience with land trusts; could you have just changed trustee to yourself? You lose some of your protection that a land trust gives while you are trustee, however you could change trustees back after the refi.

• 
  DerrickAli5th December, 2003

  On second thought...
  
  SwetB you can pursue a refi while ttle is in a Trust look up Wells-Fargo and or WAMU they both have programs whereby you'd personally guarantee but you MUST REVEAL all of the Beneficiaries of the trust.
  
  IMHO
  Less costly and Private though.
  
  
  Derrick Ali

• 
  swetbak5th December, 2003

  That would have been ideal, but he mortgage co. wanted the title out of trust.
  
  Quote:
  On 2003-12-05 16:14, DerrickAli wrote:
  On second thought...
  
  SwetB you can pursue a refi while ttle is in a Trust look up Wells-Fargo and or WAMU they both have programs whereby you'd personally guarantee but you MUST REVEAL all of the Beneficiaries of the trust.
  
  IMHO
  Less costly and Private though.
  
  
  Derrick Ali
  <IMG SRC="images/forum/smilies/icon_biggrin.gif">
  [addsig]

• 
  Erick6th December, 2003

  Sounds like it's already too late but don't just take what one mortgage company says as gospel. Others have different programs and can be much more flexible. As others posted, there are lenders out there that will finance properties held in trusts. Ask around your local RE investors as they may know of smaller, local lenders that can be more flexible.