question about curing the loan - Posted by vladimir_Chicago

Posted by dwCO on January 08, 2001 at 14:28:14:

The seller has to put the property into the land trust and you tell them who the trustee will be (NOT you, but someone you trust with the seller as the beneficiary, then at the same time, another docuemnt, they sign their beneficial interest over to you. You are not the trustee.

You don’t finalize the deal (by recording the deed and trust docs.) until you have pulled the preliminary title work and you know it is OK!!! So you sign up the deal today, for instance, have the title company pull the title work tomorrow or next day and then you know and so doeos the seller that it’s all clean and OK.

The lender doesn’t have to know about this trust set up and should have nothing directly to do with working out what they are willing to do with the arrears.

question about curing the loan - Posted by vladimir_Chicago

Posted by vladimir_Chicago on January 08, 2001 at 09:29:36:

I am trying to come up with an action plan for purchasing pre-foreclosures by searching NOD or lis pendens. After I find the seller in default, I plan on getting the deed
via land-trust instrument.

Is putting a title in the land trust (with myself as a trustee) a safe method? I.e. Could I easily get out
in case there are MAJOR proplems with title? If land trust is NOT the way, could you kindly explain what is? And if land trust is not utilized, how can a lender be approached about putting arrears on the back end of the loan, presuming there are no second mtgs on the house?

Thanks in advance,
Vladimir