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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Ward, Rick(the Probate Guy), Craig(in L.A.)... Please help! Posted by Jerry - Ca. on September 02, 2006 at 11:12 AM Hi Ward and Gang: I have a question as to whether or not an Equity Purchase Form (E.P.A.) is required under the following circumstances. It is a default/foreclosure bail-out during the 21 day sale period. I strike a deal with the default owner for 50% of the beneficial interest in a Trust. Proceeds from the Assignment of the Beneficial Interest in the Trust will be used for paying the delinquent lender/trustee fees and costs of the Trust's property. This will be done by having seller transfer ownership to Title Holding Trust(THT) with s/he as trustee and then using an ABI form to transfer the 50% ownership of beneficial interest to me and making me or my LLC the successor trustee on recorded deed and then paying the delinquent loans, etc.. The twist here is that the default owner is not vacating the property, but rather renting/leasing the property back for 6-12 months before selling. A separate lease/rental agreement is signed between the Trust with me as trustee/Beneficiary and tenant(former default owner/Trust Beneficiary). Your E.P.A. sample form does not seem to fit this circumstance. There is no sale of Real property... only personal property (the beneficial interest). The termination of the trust agreement amount of Beneficial Interest to be split won't be determined until the end of the rental agreement which coinicides with the with the sale of the Trust's Property. : Do I need to use an E.P.A. Form ... ? : Any advice or opinions will be appreciated! : Jerry Follow Ups: Re: Ward, Rick(the Probate Guy), Craig(in L.A.)... Please help! Lughead 8:22 AM, 09/03/06 (0) Re: Ward, Rick(the Probate Guy), Craig(in L.A.)... Please help! Craig in LA 8:05 PM, 09/02/06 (0) Re: Ward, Rick(the Probate Guy), Craig(in L.A.)... Please help! David (los Angeles) 2:27 PM, 09/02/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi Ward and Gang: : I have a question as to whether or not an Equity Purchase Form (E.P.A.) is required under the following circumstances. It is a default/foreclosure bail-out during the 21 day sale period. I strike a deal with the default owner for 50% of the beneficial interest in a Trust. Proceeds from the Assignment of the Beneficial Interest in the Trust will be used for paying the delinquent lender/trustee fees and costs of the Trust's property. : This will be done by having seller transfer ownership to Title Holding Trust(THT) with s/he as trustee and then using an ABI form to transfer the 50% ownership of beneficial interest to me and making me or my LLC the successor trustee on recorded deed and then paying the delinquent loans, etc.. : The twist here is that the default owner is not vacating the property, but rather renting/leasing the property back for 6-12 months before selling. A separate lease/rental agreement is signed between the Trust with me as trustee/Beneficiary and tenant(former default owner/Trust Beneficiary). : Your E.P.A. sample form does not seem to fit this circumstance. There is no sale of Real property... only personal property (the beneficial interest). The termination of the trust agreement : amount of Beneficial Interest to be split won't be determined until the end of the rental agreement which coinicides with the with the sale of the Trust's Property. : : : Do I need to use an E.P.A. Form ... ? : : Any advice or opinions will be appreciated! : : Jerry 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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