Posted by Glenn OH on February 01, 2000 at 10:05:38:
What financing is on the property now? Would it be possible to keep the existing owners on title and put the property in a PACTrust, with both you and the resident benificiary (your tenant/buyer) as co-beneficiaries with the current owners. Your position would be silent (i.e. not recorded) and would not show on your credit reports.
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.
Re: Taking title in Land Trust… so who is liable on mortgage? - Posted by Bronchick
Posted by Bronchick on February 01, 2000 at 10:14:14:
Most FNMA conforming lenders will not permit you to take title at closing in a trust. You can always transfer title after the fact, but the loan remains on your credit report. If you find a non-conforming lender who is willing to permit you to take title in trust, the trustee signs the mortgage, but you will undoubtedly be required to sign on the note. Depending on the size of the lender, it may or may not appear on your credit report.