wrap financing - Posted by craig nj

Real Estate Investing
1

Posted by chris on January 15, 2000 at 18:48:40:

Read up on the material mentioned in the other post.

The bank is informed by the seller that the property will be placed in a trust as allowed by the Garn-St.Germain Act for estate planning. There is an assignment of beneficial interest from the seller to you. All further communication is to be addressed to the trustee of the trust. Anything such as the insurance policy will then show the trust information on it which the bank knows about.

-Chris

2

wrap financing - Posted by craig nj

Posted by craig nj on January 15, 2000 at 18:30:48:

if leagl title pass using this financing.when u go to get insurance on the property the policy will name the new owner
and then the bank will call the loan due now what do u do?