How do I approach lender for Info when buying subject to? - Posted by Scott Hearne
Posted by Scott Hearne on December 16, 1999 at 09:38:45:
I’m a newbie about to do a deal,
Here is the scenerio:(I’m sure everyone knows it very well)
I buy a property “subject to”, I create a land trust for the seller and have the seller sign a letter instructing all correspondence, etc. to be send to the trustee. I then transfer the beneficial interest from the trust to me (or my LLC).
My question is: If I want to get any information about the loan (or just want to confirm that things have been done correctly), how do I approach the lender (or the insurance company for that matter)? I couldn’t tell the lender that i’m the beneficiary and that I took ownership in the prop. They wouldn’t likely release any info. to me as a 3rd party unless I have an interest in the property - -and I’m not going to tell them what my interest is.
I guess I could get the trustee to get my questions answered - -is this the best way?(I’d much rather do it myself though)
Thanks for your help.