Posted by dutch on March 30, 2006 at 22:20:36:
THIS IS NOT LEGAL ADVICE
You will lose title to the house. you are not liable for the note. (don’t confuse a mortage with a note).
If you’re going to do Sub2 deals, you really should spend some dollars to learn about what you are doing. Get Bronchick’s course www.legalwiz.com
IL Land Trust & Forclosure? - Posted by Mike
Posted by Mike on March 30, 2006 at 09:52:58:
I have a property in a IL land trust the Mortgage is not in my name, and I am no
longer paying it. (property was a money pit). Original Mortgage holder knows
and is willing to except the forclosure, no problem with him (former partner).
Am I liable for the Loan at all? My trust company has sent me paperwork
notifying me of foclosure proceedings, but I don’t think I’m liable. Any advice on
this would be great I’m allso seeking out an attonry but thought I would check
here too.
Thanks in advance for any help.
Mike
Re: IL Land Trust & Forclosure? - Posted by colvegas
Posted by colvegas on April 02, 2006 at 18:49:36:
Mike,
What happened on this property…?? if your partner is on the note why is he willing to accept a foreclosure.
If this is a Ill title holding trust these should be benefiiciary directed trusts are they not…?? whom is the trustee on this… I even wonder if your trust is structured properly no legal advice being given I do however work with land trusts…
If you have contingnency fund the trustee can use those moines to pay the note until other arrangements are made as to getting a tenant in the property to make the payments for you…is this your personal or an investment property…??
Mike, if you like call me I curious as to how you done this .
Whomever is on the note is liable and the trustee is holding both the legal and equitable title( called the doctrine of equitable conversion) and a trustee to a point can delay foreclosure but only temporary and if you are not paying trustee fees your trust will be terminated legally by the trustee…
Did you read the trust and or the beneficiary agreements…?? I would read through them to make sure you are familar with the trust setup…
Mike if you like feel free to call me to discuss my number is 702-400-7632 and no soliticing is intended here…
Re: IL Land Trust & Forclosure? - Posted by rent-to-own
Posted by rent-to-own on April 01, 2006 at 20:23:47:
How did you come to obtaining this property? Did you buy it subject to the existing mortgage?