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They dont care

Posted by Lughead on April 12, 2003 at 11:31 PM

In Reply to: Due-On-Sale Sidesteps posted by SeanW on April 12, 2003 at 7:39 PM

Dude

you are right - 99% of lenders will NOT care who pays

they may take notice at the Named Insured

if you do ever become delinquent - then they will care

no guarantees

good luck
Lughead

: I've seen your Title Holding Trust arguments here many times. But I still wonder how likely it is that a lender would REALLY care, if a check arrives from someone other than the trustor, when you're doing a subject-to. You'd think they'd be glad to see a non-performing loan come current!

: (I'm tempted to call a few lenders at random and ask. I bet they rarely look at the name on the check... they just take the money. The checks are probably being processed by $10/hr clerks who are mainly looking for thinks like missing amounts.)

: It seems to me where the red flag comes up is when notifying the lender of a change in assignment. If you succeed in talking a trustor into keeping quiet about the deed change, it should be pretty easy to keep the payments going. (Especially if you set up a shell business name like "Bill Consolidation Systems" or something. If the lender's billing department scrutinizes the check at all, they'd assume the old debtor is just using a bill paying service to keep his debts current. They should like that, actually.)

: I guess the real sticker is if the trustor wants completely out of all obligations. Then you have to tell the lender something.

: OK. To make this post a question, isn't it possible that attempting to change assignment of the trust deed, even to a THT, may in fact draw more scrutiny that doing nothing? And that the first plan of attack on a buyout, would be to try and assure the trustor he won't get stuck with more bills, before talking about assigning the trust deed at all?



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