Taking title in Land Trust… so who is liable on mortgage? - Posted by Barbara_NY
Posted by Barbara_NY on February 01, 2000 at 09:01:51:
I want to take title to a property at closing using a Land Trust. What I’d like to accomplish is to limit the number of mortgage loans that appear on my credit report. I’d like to find out how I can take title in a Land Trust and have the mortage in a name other than mine.
I already have a Trustee in mind and a great attorney who can handle the transaction. I am also aware that I have to locate a lender who’ll agree to the taking of title in a trust. What I don’t know is
– whose credit is checked for approval of the mortage and
– whose name goes on the mortgage.
Please share your expertise with me. I don’t want to take title in my name and then transfer title, becuase it won’t solve my quest to limit the number of loans listed on my credit report, as I’d still remain liable on the mortgage under a senerio like that. Thanks in advance.