Posted by Amy on March 29, 2001 at 14:19:11:
If TN doesn’t recognized land trusts (although I understand they use trusts for estate planning)is there anything special we need to do to take over a property subject to? The seller just wants out from underneath the note, no cash out of our pocket.
When we sell, what takes place? During closing the trust just titles it to the buyer? Is this a difficult process because of wary title companies? Does the original seller need to be involved in any way? (other than to pay off the mortgage)
What’s a worst case scenario? What if the seller goes bankrupt or the mortgage co. decides to call the loan due? Wouldn’t a mortgage change letter alert a lender to start thinking about calling it due?
We have a motivated seller we don’t want to lose. Thanks for your help.