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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Impounds and taking title subject to... Posted by Ward-CA- on August 22, 2003 at 9:38 PM In Reply to: impounds posted by kennyboy on August 22, 2003 at 3:49 PM : If I take a property subject to a mortgage that has impounds for taxes and insurance, how do I work this out? Will the bank pay the taxes on the property by parcel #? not name? Will the insurance still get paid? Will I be the bene? Will it be valid insurance? : Ken =-=-=-=-=-=-=-=-= Ken, Taking title subject to an existing trust deed that requires the monthly impounding of funds to pay for the annual property tax and fire insurance is fairly common. It’s fairly easy to do if you incorporate the use of the THT (title holding trust), because in the eyes of the lender it seems as if nothing has materially changed, other than the title of the property has been transferred to the homeowner’s revocable trust. The property taxes will be paid, you will have valid insurance and will be the sole beneficiary of the insurance policy. Follow Ups: Re: Impounds and taking title subject to... kennyboy 9:28 AM, 08/23/03 (1) Subject to due to foreclosure sale... Ward-CA- 6:10 PM, 08/23/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : If I take a property subject to a mortgage that has impounds for taxes and insurance, how do I work this out? Will the bank pay the taxes on the property by parcel #? not name? Will the insurance still get paid? Will I be the bene? Will it be valid insurance? : : Ken : =-=-=-=-=-=-=-=-= : Ken, : Taking title subject to an existing trust deed that requires the monthly impounding of funds to pay for the annual property tax and fire insurance is fairly common. : It’s fairly easy to do if you incorporate the use of the THT (title holding trust), because in the eyes of the lender it seems as if nothing has materially changed, other than the title of the property has been transferred to the homeowner’s revocable trust. : The property taxes will be paid, you will have valid insurance and will be the sole beneficiary of the insurance policy. 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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