Posted by Bill Gatten on February 14, 2000 at 20:41:35:
Jim,
Why would a lender ever do such a thing?
Bill
SUBJECT TO (DO OR DON’T) - Posted by Karem M
Posted by Karem M on February 13, 2000 at 01:28:36:
If I take title “SUBJECT TO” and the property is a pre foreclosure, would it be deal to use a land trust or just take it subject to and forget about the land trust?
I plan on offering it for sale with owner financing once aquired.
I would think that having the owners name on the title would be dangerous.
Thanx a Bunch
Karem M
Re: SUBJECT TO (DO OR DON’T) - Posted by JPiper
Posted by JPiper on February 13, 2000 at 11:03:39:
When you take title to a property ?subject to?, the owner?s name is not on the deed regardless of whether you put it in a trust or not. Either your name is on the deed?.or the name of the trust and/or trustee is on the deed. If the latter, you will be the beneficiary of the trust, and the trustee will be that you appointed. The trustee is directed by the beneficiary. Where?s the problem?
Whether you need the trust will be dictated by what you intend to do with the property. If you intend to flip the property quickly, and the loan will be paid off, then the trust probably isn?t necessary. However if you intend to hold the property for a period of time, the trust is a cautionary move to camouflage the title transfer, thereby reducing the possibility of acceleration of the loan arising out of the due on sale clause.
JPiper