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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Carry-back financing... Posted by Ward-CA- on August 30, 2010 at 11:41 PM In Reply to: Carrying back a second and the SAFT act posted by Nate on August 29, 2010 at 8:32 AM Nate, Yes, I think you’re needlessly worrying, since the S.A.F.E. Act doesn’t kick in until after you’ve carried back a junior mortgage on more than 3 properties in a year. I haven’t seen anything that specifies who a carryback creditor can or cannot be. You’d obviously construct the carryback note with all the typical terms and clauses that would enhance its marketability. Additionally I’d set it up in an all-inclusive trust deed (AITD) format with the payments going to a note collection service. You’d want to have an installment note with monthly payments of principal, interest, taxes and insurance (PITI) with a call feature after 36 to 48 months. The recording of a fictitious trust deed is a handy reference tool that is exclusively created on a regional basis by the title industry. It is not something that a private party would ever create. ----------------------Ward ===================== : I have a property in CA that was purchased at TS. Carrying back a second looks like the best way for me to close my resale however with all of this talk about the SAFE act I am not sure how that should be structured. I am an licensed RE Broker in CA. : Am I worried about nothing? : Can the Bene be my LLC ? Or does it need to be a person to avoid the licensing requirement? : Does anyone know of the cleanest way to structure the note? : What note would you use? Recommendations on a pre-written note would be great as this is my first carry back and I would rather not re-invent the wheel. Cons of using one that is fictitiously recorded?? : Thanks ! Nate Follow Ups: Note Collection/Loan Servicer? Mary Anne 9:46 AM, 08/31/10 (1) Re: Note Collection/Loan Servicer? Ward-CA- 6:30 PM, 08/31/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Nate, : Yes, I think you’re needlessly worrying, since the S.A.F.E. Act doesn’t kick in until after you’ve carried back a junior mortgage on more than 3 properties in a year. : I haven’t seen anything that specifies who a carryback creditor can or cannot be. : You’d obviously construct the carryback note with all the typical terms and clauses that would enhance its marketability. Additionally I’d set it up in an all-inclusive trust deed (AITD) format with the payments going to a note collection service. : You’d want to have an installment note with monthly payments of principal, interest, taxes and insurance (PITI) with a call feature after 36 to 48 months. : The recording of a fictitious trust deed is a handy reference tool that is exclusively created on a regional basis by the title industry. It is not something that a private party would ever create. : ----------------------Ward : ===================== : : : I have a property in CA that was purchased at TS. Carrying back a second looks like the best way for me to close my resale however with all of this talk about the SAFE act I am not sure how that should be structured. I am an licensed RE Broker in CA. : : Am I worried about nothing? : : Can the Bene be my LLC ? Or does it need to be a person to avoid the licensing requirement? : : Does anyone know of the cleanest way to structure the note? : : What note would you use? Recommendations on a pre-written note would be great as this is my first carry back and I would rather not re-invent the wheel. Cons of using one that is fictitiously recorded?? : : Thanks ! Nate [ 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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