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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Double Closing Funding Posted by Gary Horton on February 26, 2010 at 5:17 PM In Reply to: Re: Double Closing Funding posted by Ty on May 01, 2008 at 12:16 AM : I am having issues with a conventional lender that my end buyer has in tow that wants me in title 10 days prior to the funding of the loan. My title company says the plant has a ten day turn around and that is as fast as they can show title work to the end lender for a commitment between the A to B and B to C transaction. So i have to pay a HML (Hard Money Lender) for 10 days so I can show the end buyers lender I am in title prior to the B to C Transaction. Please help! XXXXXXXXXXXXXXXXX : : : FF: : : : On Short Sales I understand that it is considered Bank Fraud to do double/simultaneous closings. That's probably why you're having trouble with Escrow Companies and Title Insurance Companies! : : : The only legal way that I know of to do this ... is to put the property in a Title Holding Land Trust with the Seller/Settlor Beneficiary owning 100% of the Beneficiary Interest. Then have yourself, : : : End-Buyer, and a Private money Lender or Hard Money Lender (HML) added to the trust as Co-Beneficiaries. Use the Private/HML money to pay-off settlor loan, on the HUD1 the Trust is named the BUYER. : : : Once the closing for the loan is finished, continue with the next closing with the Trust as the seller ... and escrow pays the HML, the seller, and you as Beneficiaries! Of course, the HML is going : : : to want some very high interest points for this one-day loan! There will be no problem with Escrow Officers, Title Insurance Co., Lenders, or Loan Seasoning Issues. : : : Jerry-Ca. : : XXXXXXXXXXXXXXXXXXXXXXXXXXX : : I made a mistake above ... "Use the Private/HML money to pay-off settlor loan, on the HUD1 the Trust is named the Buyer." It should have been Buyer on HUD1 for loan pay-off and Seller on HUD1 to End-Buyer! : : Jerry - Ca. Follow Ups: Re: Double Closing Funding anthony V 2:36 PM, 03/03/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : I am having issues with a conventional lender that my end buyer : has in tow that wants me in title 10 days prior to the funding : of the loan. My title company says the plant has a ten day turn : around and that is as fast as they can show title work to the : end lender for a commitment between the A to B and B to C : transaction. So i have to pay a HML (Hard Money Lender) for : 10 days so I can show the end buyers lender I am in title prior : to the B to C Transaction. Please help! : : XXXXXXXXXXXXXXXXX : : : : FF: : : : : On Short Sales I understand that it is considered Bank Fraud to do double/simultaneous closings. That's probably why you're having trouble with Escrow Companies and Title Insurance Companies! : : : : The only legal way that I know of to do this ... is to put the property in a Title Holding Land Trust with the Seller/Settlor Beneficiary owning 100% of the Beneficiary Interest. Then have yourself, : : : : End-Buyer, and a Private money Lender or Hard Money Lender (HML) added to the trust as Co-Beneficiaries. Use the Private/HML money to pay-off settlor loan, on the HUD1 the Trust is named the BUYER. : : : : Once the closing for the loan is finished, continue with the next closing with the Trust as the seller ... and escrow pays the HML, the seller, and you as Beneficiaries! Of course, the HML is going : : : : to want some very high interest points for this one-day loan! There will be no problem with Escrow Officers, Title Insurance Co., Lenders, or Loan Seasoning Issues. : : : : Jerry-Ca. : : : XXXXXXXXXXXXXXXXXXXXXXXXXXX : : : I made a mistake above ... "Use the Private/HML money to pay-off settlor loan, on the HUD1 the Trust is named the Buyer." It should have been Buyer on HUD1 for loan pay-off and Seller on HUD1 to End-Buyer! : : : Jerry - Ca. [ 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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