Unethical use of land trust - Posted by Matthew Chan
Posted by Matthew Chan on May 27, 1999 at 02:24:56:
Just thought I’d share a little story I heard from an attorney today. Apparently, there are some unscrupulous individuals who know the power/potential of the land trust and simply abuse it.
Apparently once the property is deeded into the trust, this crook hides behind the trust and deliberately doesn’t make payments as he should but sucks down all the rents he is receiving from the property. As many of you know, it takes a little bit of work to get around the trust.
Jeez, it’s this kind of stuff that gives investors a bad name. It’s not enough that he can do deals but he has to get greedy by stiffing some poor lender.