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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Borrowing on your property incognito. Posted by Jim Ficken on March 14, 2002 at 8:04 PM In Reply to: Borrowing on your property incognito. posted by Ward-CA- on February 21, 2002 at 8:07 PM : : How should a property be purchased to keep your privacy? Should the deed be put in the name of a single member LLC? Should the deed be put in the name of a Title Holding Trust with an LLC as Trustee and myself and my wife as beneficiaries? In a Title Holding Trust who or what is the Trustor? And finally, do lenders have a problem with the borrower deeding in the name of an LLC or a Title Holding Trust? : =•=•=•=•=•=•=•=•=•=•=•= : John, : 1. Maintaining your privacy of ownership, at the time of purchase, is a lot easier to do than after you take title. To do it you simply don’t use your name on any recorded document that memorializes the sale to you—the deed and any trust deed or mortgage that’s recorded concurrently with the deed. : 2. Putting the title of your property into a title holding trust, with an LLC as trustee and you and your wife as beneficiaries of the trust will work fine. : 3. No matter what type of trust you’re working with, the trustor is always the creator of the trust, the one who funds it with something of value. : 4. I think there are enough lenders making “portfolio loans”, loans which they intend to keep in their portfolio and not resell to FNMA, etc., that you shouldn’t have too difficult a time getting a loan made directly to your trust, with you, the beneficiary, qualifying for it and signing the promissory note, while your trustee signs the recorded trust deed or mortgage. : I just completed a secured, equity line loan at 75% of LTV on one of my dingbat (see link below) properties today. It’s the sixth such loan for me where I did not reveal to the public my identity as the owner nor as the borrower. : I use Wells Fargo’s Hillcrest office in San Diego and work through Develyn Glover there as my personal banker. If you have any hesitancy or disbelief with any other Wells office in CA. call up Develyn and you won’t have any trouble duplicating what I’m doing through her. In FL, the note is usually recorded as an attachment to the mortgage. So, while the buyers' names aren't indexed, anyone suspecting ownership of a property could find the note endorsements. How about the trustee signing the note with a personal guarantee by the buyers which wouldn't need to be recorded? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : How should a property be purchased to keep your privacy? Should the deed be put in the name of a single member LLC? Should the deed be put in the name of a Title Holding Trust with an LLC as Trustee and myself and my wife as beneficiaries? In a Title Holding Trust who or what is the Trustor? And finally, do lenders have a problem with the borrower deeding in the name of an LLC or a Title Holding Trust? : : =•=•=•=•=•=•=•=•=•=•=•= : : John, : : 1. Maintaining your privacy of ownership, at the time of purchase, is a lot easier to do than after you take title. To do it you simply don’t use your name on any recorded document that memorializes the sale to you—the deed and any trust deed or mortgage that’s recorded concurrently with the deed. : : 2. Putting the title of your property into a title holding trust, with an LLC as trustee and you and your wife as beneficiaries of the trust will work fine. : : 3. No matter what type of trust you’re working with, the trustor is always the creator of the trust, the one who funds it with something of value. : : 4. I think there are enough lenders making “portfolio loans”, loans which they intend to keep in their portfolio and not resell to FNMA, etc., that you shouldn’t have too difficult a time getting a loan made directly to your trust, with you, the beneficiary, qualifying for it and signing the promissory note, while your trustee signs the recorded trust deed or mortgage. : : I just completed a secured, equity line loan at 75% of LTV on one of my dingbat (see link below) properties today. It’s the sixth such loan for me where I did not reveal to the public my identity as the owner nor as the borrower. : : I use Wells Fargo’s Hillcrest office in San Diego and work through Develyn Glover there as my personal banker. If you have any hesitancy or disbelief with any other Wells office in CA. call up Develyn and you won’t have any trouble duplicating what I’m doing through her. : In FL, the note is usually recorded as an attachment to the mortgage. : So, while the buyers' names aren't indexed, anyone suspecting ownership : of a property could find the note endorsements. How about the trustee : signing the note with a personal guarantee by the buyers which wouldn't : need to be recorded? 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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