Trust ?? w a twist - Posted by SteveS

Real Estate Investing
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Posted by Rob FL on April 09, 1999 at 12:27:30:

The only way I can think of to make him not liable for the debt if you don’t pay is to 1) refinance and pay off the loan or 2) for you to formally assume the loan and for him to be formally released by the lender. Any type of sale “subject to” would not work.

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Trust ?? w a twist - Posted by SteveS

Posted by SteveS on April 08, 1999 at 11:16:39:

Hey gang,

I have a question about using a trust to buy more than property. I have a owner who is in forclosure and looking to sell everything. I was wondering i I could use a trust to take over his business equipment (assume loan) and car (assume payments) wih a trust.

Question Two: If loans go into default, who does the leder go after if the property is in a trust???

I bought Bill’s course about a year ago but I can’t find any information on these questions.

Thanks everyone.

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Re: Trust ?? w a twist - Posted by Rob FL

Posted by Rob FL on April 08, 1999 at 21:00:22:

If this fellow wants to liquidate his assets, he might be facing bankruptcy and all the transfers could be considered fraudulent.

As for the trusts. If it were me foreclosing, I would sue the trustee both as trustee and personally and I would sue any known and unknown beneficiaries of the trust.

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Re: Trust ?? w a twist - Posted by Jaques U. Larrity

Posted by Jaques U. Larrity on April 08, 1999 at 12:31:50:

most trusts rely upon several straps, not twists. Some use velcrow

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Re: Trust ?? w a twist - Posted by SteveS

Posted by SteveS on April 09, 1999 at 12:05:56:

Thanks for your reply. From what I know about this deal he doesn’t want to do any more damage to his credit, but he wants to make sure that once this trust is created that he will not be liable for the debt if I do not pay.

Any help would be greatly appreciated!!!

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Re: Trust ?? w a twist - Posted by Bud Branstetter

Posted by Bud Branstetter on April 09, 1999 at 18:09:30:

Land Trusts are for real estate. There are other types of trusts for personal property. The trust does not relieve anyone of their obligation to pay. A nuetral third party under contract can alleviate much of the worry about someone not paying. The biggest incentive to keep paying is the future profit.