Re: I’ts more likely to get hit by lightning… - Posted by John Katitus
Posted by John Katitus on May 24, 1999 at 01:21:26:
As I understand, Land Trust, by Federal law, can not trigger the DOS. It’s one of the exceptions written into the Garn-St. Germaine Act that made the DOS enforceable.
Because I use my corporation as the Trustee, I am up front from the beginning with the bank, sending them a letter telling them the property has been transferred into a Trust, the corp is the trustee, and send all mortgage info to the trustee - they will be making the payments. Signed by all parties on the mortgage, of course. Email me if you want more info.