Posted by Bronchick on March 11, 2002 at 12:19:46:
You are receiving incorrect info. As trustee, you are NAMED in the suit, but only as a necessary party who has an interest in the property. Your credit is not affected, because it is not your debt.
TRUST BENEFITS - Posted by Dan(IN)
Posted by Dan(IN) on March 09, 2002 at 18:29:42:
I was told by a seasoned investor that if I named myself as TRUSTEE when buying a property and,in turn that property gets foreclosed on, then I will get a foreclosure slapped on my credit? Is that true? I thought a trust gave you the ability to shield your transaction from the bank, but if you couldn’t make the deal work I didn’t think that you were put in a risk position! PLEASE SET ME STRAIGHT, I’M CONFUSED!