If you are looking to hide ownership it would be best to put it in a trust to start. However, it is hard to find a bank that will loan money to a property in trust. Most will want you to deed it out to get the financing, then put it back in the trust after the loan is done. If you can’t locate someone to lend to a trust, no need to start in a trust if you have to deed it right back out. I didn’t look very hard, but in the few inquiries i made i didn’t find anyone that would lend to a trust.
I am in the process of buying a lot on a lake in my local area. I will be building a house on this lot as a second home. I would like to put the lot in a land trust. I have not closed on the lot yet. Should I title it in a land trust right off the bat or should I wait until after closing and transfer it to a land trust? Do you know if this trust would effect me able to get a construction loan? Thank you
Re: Putting Lot in a land trust !!! - Posted by bill gatten
Posted by bill gatten on July 23, 2003 at 21:56:58:
The only lender we know of who is loaning on land trust collateral assignments outside of Illinois is WAshington Mutual. Give them a shot, and if that doesn’t do the trick. Put it in the trust with a co-beneficiary following the title tranfer to you at closing.