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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Please hang with me for a minute Posted by GQ on August 04, 2003 at 11:24 PM In Reply to: Yes, and then foreclose and.... posted by Ward-CA- on August 03, 2003 at 9:55 PM : : Is it possible to set up a trust and buy a TD then foreclose on the property. This would end up putting the title to the property in the holding trust, subject to the senior liens. : =-=-=-=-=-=- : Couldn't an outside bidder win the foreclosure auction of the trust deed? If so, I think some third party would own the property subject to any senior liens that might exist. :We are talking about a fourth TD that would be deeply discounted. Since the face amount of the fourth is pretty high, it does not seem that anyone would bid that much at auction. Am I missing something here or am I correct in assuming that fourth TD's would not fetch that much at auction? Can't the holder of the note acquire it (bid)for any amount up to the balance due on the note(which I called the "face amount"?) This would also strip the numerous liens and judgements which are currently against the title but are junior to the fourth. Also, when talking about creating a trust in "your name" (in order to avoid Due-On-Sale and for IRS primary residence requirements), is that a literal statement or, for privacy purposes, can it be a somewhat generic name? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Is it possible to set up a trust and buy a TD then foreclose on the property. This would end up putting the title to the property in the holding trust, subject to the senior liens. : : =-=-=-=-=-=- : : Couldn't an outside bidder win the foreclosure auction of the trust deed? If so, I think some third party would own the property subject to any senior liens that might exist. : : :We are talking about a fourth TD that would be deeply discounted. Since the face amount of the fourth is pretty high, it does not seem that anyone would bid that much at auction. Am I missing something here or am I correct in assuming that fourth TD's would not fetch that much at auction? Can't the holder of the note acquire it (bid)for any amount up to the balance due on the note(which I called the "face amount"?) This would also strip the numerous liens and judgements which are currently against the title but are junior to the fourth. : Also, when talking about creating a trust in "your name" (in order to avoid Due-On-Sale and for IRS primary residence requirements), is that a literal statement or, for privacy purposes, can it be a somewhat generic name? 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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