Countrywide and foreclosure - Posted by Barbara (AZ)

Posted by Dan on January 25, 2002 at 09:52:18:

They scare me, I don’t want to end up like this guy:

http://www.creonline.com/legal/wwwboard7/messages/5587.html

Countrywide and foreclosure - Posted by Barbara (AZ)

Posted by Barbara (AZ) on January 23, 2002 at 12:31:18:

I would like to get some advice from the experts.

Found a pre-foreclosure, VA loan from Countrywide , Notice is already filed. The numbers do work and the seller is motivated.

After reading over the last few months about the problem with this lender I am unsure of how to proceed.

Should I deed the property into a trust with the risk of
Countrywide getting in my case or just do a Land Contract
since this is permitted under VA regs.

I am uneasy about letting the seller stay on title but will
probably have no problems with the lender.

One more thing, if I do the Land Contract will this be a problem for my endbuyer down the road since I am not on title (title seasoning)?

Thanks for your time.

Barbara(AZ)

Re: Countrywide and foreclosure - Posted by Lloyd Cook, Los Angeles

Posted by Lloyd Cook, Los Angeles on January 24, 2002 at 24:06:44:

It?s always better to ?get the deed?. I haven?t read the posts about countrywide you mentioned but I have placed many properties into a Land Trust, used my company for the trustee, and have yet to have any lender ask any questions. You should not have any problems selling to a buyer at any time, months or years as long as the land trust is prepared and recorded correctly.

Re: Countrywide and foreclosure - Posted by Dan

Posted by Dan on January 24, 2002 at 10:06:58:

Where did you learn about land trusts?

Re: Countrywide and foreclosure - Posted by Scott

Posted by Scott on January 24, 2002 at 23:56:07:

www.landtrust.net