Townhome in a Land Trusts?? - Posted by Percy

import · May 24, 1999, 9:06pm

Posted by Bronchick on May 25, 1999 at 10:41:19:

It is available under the “courses and books” section

import · May 24, 1999, 9:06pm

Posted by Percy on May 24, 1999 at 21:06:38:

I have an opportunity to take over the payments a Townhome. Is the paperwork the same as a single family resident? In particular can I take title to the property in a Land Trust and have the trust assume the loan.

Cheers–Percy

import · May 25, 1999, 9:32am

Re: Townhome in a Land Trusts?? - Posted by Bronchick

Posted by Bronchick on May 25, 1999 at 09:32:22:

You can do a land trust “charade” with a condo or townhome. The trust does not actually assume the loan, but rather title changes and the loan still remains in the name of the original borrower.

import · May 25, 1999, 10:14am

REPLY TO BILL BRONCHICK - Posted by Micheal

Posted by Micheal on May 25, 1999 at 10:14:49:

Hi Bill

Do you have any books that concentrate on Land Trusts?
Or perhaps, do you currently have a book that talks alot about land trusts?
P.S.
In your above statement you say that the owner stays on the mortgage.
Does that mean that he should be the trustee?
Or should it be a corporation that should be the trustee? If so, who’s corporation? mine?
Should I keep part of the benificiary interest in his name? (10%)

Thanks in Advance

Micheal

import · May 25, 1999, 10:41am

Re: Step by Step Guide to Land Trusts - Posted by Jeanne

Posted by Jeanne on May 25, 1999 at 10:41:42:

Michael,
Bill Bronchick’s course “The Step by Step Guide to Land Trusts” is available on this site. You can find a complete description http://www.creonline.com/b-122.htm
It is item b-122.
Jeanne Foyt