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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] PACTrust versus regular trust Posted by Jessica Allen on July 19, 2004 at 8:11 PM In Reply to: We use a simpler approach posted by Ward-CA- on April 10, 2002 at 4:44 PM this is an old post, hoping you can still shed some light. I'm considering using NARS PacTrust in order to keep a pre-foreclosure homeowner in the property. I like what NARs offers because of the legal way to lease back the house. I've been warned about doing lease backs through regular documentation and the NARS PacTrust seems to be a good way around it. It is 2 years later since this post -- any new experience that you have to shed some light on using the NARS Pac Trust. Any information is much appreciated. Thanks. Jessica : : Hi Ward, I just got an email from a solicitor using land trusts to create a business. Can you take a look at it and let me know what you think of this persons business plan? : =•=•=•=•=•=•=•=•=•=•= : Mike, the pactrust is a more convoluted approach and thus much more expensive alternative to just using a simple title holding trust (used to be called land trust). The simpler course we’ve been using for years, with perfect results, is to have the defaulting owner transfer their property to their trust, notify the lender and insurance company of such, and then sell the beneficial interest in their trust to the new buyer using a notarized, but non-recordable Assignment of Beneficial Interest form. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : this is an old post, hoping you can still shed some light. : I'm considering using NARS PacTrust in order to keep a pre-foreclosure homeowner in the property. I like what NARs offers because of the legal way to lease back the house. : I've been warned about doing lease backs through regular documentation and the NARS PacTrust seems to be a good way around it. It is 2 years later since this post -- any new experience that you have to shed some light on using the NARS Pac Trust. Any information is much appreciated. Thanks. : Jessica : : : Hi Ward, I just got an email from a solicitor using land trusts to create a business. Can you take a look at it and let me know what you think of this persons business plan? : : =•=•=•=•=•=•=•=•=•=•= : : Mike, the pactrust is a more convoluted approach and thus much more expensive alternative to just using a simple title holding trust (used to be called land trust). The simpler course we’ve been using for years, with perfect results, is to have the defaulting owner transfer their property to their trust, notify the lender and insurance company of such, and then sell the beneficial interest in their trust to the new buyer using a notarized, but non-recordable Assignment of Beneficial Interest form. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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