Posted by Jason-DTX on January 19, 1999 at 23:32:00:
I’m from a deed of trust state but I think the answer is the same. You should have the land trust be mortgagor. If the sellers insist and want the corp to be liable then the corp can sign the note and the trustee can sign the mortgage. This will make the corp liable for the note but not be on the recorded mortgage. Its best to have just the trustee of the land trust sign the note and mortgage. Since your dealing with an individual and not an institution you should be able to have the trustee sign as trustee on all the docs and you or your corp won’t be personally liable on the note. I’ve done several this way and the seller’s just don’t care (or know the difference) on which enity you use tp sign the paperwork.