Land Trust - seller new loan qualification - Posted by Bo (GA)


#1

Posted by Rudy on December 25, 1998 at 17:01:23:

ask the new lender if they consider contract for deed
If they do then execute one that the seller keeps and only notarize not record. rudy-austin,tx


#2

Land Trust - seller new loan qualification - Posted by Bo (GA)

Posted by Bo (GA) on December 25, 1998 at 13:19:25:

Any ideas on how a seller, who has transferred his property to a land trust and assigned his benficial interest to me, can qualify for a new conventional loan (since the mortgage on his old property will still show up as a liability on his credit report)?

If anybody has had any experience dealing with this, or has any ideas, they would be most welcome.

Bo


#3

Re: Land Trust - seller new loan qualification - Posted by Bronchick

Posted by Bronchick on December 27, 1998 at 18:40:03:

This issue came up 3 times on houses we bought using the land trust method. In all three cases, the new lender looked at the debt as being “contingent,” that is, “assumed” by someone else and not the primary reponsibility of the original borrower. The lender asked for copies of the documentation and copies of 12 months of our canceled checks.