Using a Wrap on a first with a Due on Sale - Posted by Rob C

Posted by PBoone on March 28, 1999 at 11:05:51:

Look into Bill Bronchicks course on Land Trust.
Pat

Using a Wrap on a first with a Due on Sale - Posted by Rob C

Posted by Rob C on March 28, 1999 at 09:55:57:

If I wrap a first with a due on sale, how do I get around getting caught by the lender?

RobC

Re: Using a Wrap on a first with a Due on Sale - Posted by Bud Branstetter

Posted by Bud Branstetter on March 29, 1999 at 11:26:37:

Beyond the land trusts I would look at the concept of the wrap. If this were going to be in a long term financing thing that you could take subject to and provide owner financing then putting title in the land trust is appropriate. However, there are many circumstances that you do not need long term financing. In those stituations a lease with an option can serve just as well. A contract for deed can accomplish similar things. Even with a land trust I normally do a contract for the beneficial interest because few buyers can buy me out immediately. A true wrap identifies the underlying indebtedness and is recorded. Even with the land trust you can do a wrap. It just is not recorded in public.