Posted by leslie on December 28, 1999 at 04:22:50:
In my county it won’t truncate, it would read “Mike Doe tr.”. They insist on indexing on the name of the trustee not the trust. You won’t have to drag your friend in every time. Start with friend trustee, and then switch yourself to trustee after the fact, with proper documentation of course.
Default on mortgage taken subject to by me, will it tarnish my Credit report? - Posted by mike
Posted by mike on December 26, 1999 at 01:06:50:
I have a property that I took subject to an existing mortgage. I did not assume the mortgage, I just took it subject to. My name is on title to the property. The question is: if the bank forecloses on this property, will this foreclosure tarnish or ruin my personal credit report(even in the smallest way), since my name is on the property title.
Use a trust to take title - Posted by Bronchick
Posted by Bronchick on December 27, 1999 at 14:34:55:
You are not liable on the note, but you may be named as a necessary party in a mortgage foreclosure. Since this is public record, it may end up on your credit report.
Use a land trust to take title so that your name does not appear on record.
Re: Default on mortgage taken subject to by me, will it tarnish my Credit report? - Posted by Ed Garcia
Posted by Ed Garcia on December 26, 1999 at 12:50:52:
Mike,
Based on the information you have just given us, NO, a default would not count
against your credit. However it will effect the sellers credit that sold you the house.
Sometimes when doing a deal Mike, we have an unwritten obligation or moral obligation
if you will, not to hurt those people that we do business with.
Now I realize that the seller was a big boy when they took the chance on you and let you
take over their loan, still leaving it in their name. But it’s also obvious that they trusted
you, because you convinced them that you were honorable.
I urge you, that before you let this property go back, you give the party who’s name is
on the loan, an opportunity to redeem this property and their credit.
Ed Garcia
Re: Use a trust to take title - Posted by mike
Posted by mike on December 27, 1999 at 21:21:03:
In order avoid time consuming complexity, would it be good enough if I was the trustee of the land trust. Such as 123 land trust, Mike Doe as trustee. I believe my name in records would truncate. I’m essentially trying to avoid(in this example) having to drag my friend or relative to escrow companies/notary publics every time I need a document signed by the trustee.