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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] More answers... Posted by Ward-CA- on September 22, 2003 at 3:13 PM In Reply to: More questions .... posted by James-CA on September 22, 2003 at 8:56 AM : Hi Ward, : I have been going over everything you taught me in the seminar(s) and I have a couple more questions (on the "finish" side) before I go out knocking on doors: : 1. What do I do with the THT after the property is sold? If it is dissolved, how does that occur? : 2. I understand to postpone a trustee's sale you are to file an emergency petition with Bankruptcy Court. However, what then? I assume, you just continue on with the deal with the homeowners and get the property into a THT, but after that, do you then petition to dismiss the bankruptcy? Is that all there is? : 3. When you are giving the owners paper, on the Deed of Trust, individually, they are the trustee (one of them), and their THT is the beneficiary, correct? : 4. Lastly, I sent you an e-mail with a time line that I created which I believe is accurate. Can you look at it and make sure it is correct? : Thanks a lot. =?=?=?=?=?=?=?=?=?=?= James, 1. I can't believe you haven't read the Trust Declaration yet. It states the trust will terminate within 35 years or automatically self-destrust, whenever its assets reach zero. 2. Yes, for the most part. 3. The sellers have sold their trust to you, remember? You buy out their beneficial interest via the Assignment of Beneficial Interest in Trust. So you as the owner of the trust give the sellers a promissory note secured by a trust deed that your THT trustee signs in front of a notary. On that trust deed make one of the sellers the Trustee and both of them, as individuals ar named as the beneficiary. 4. Look to your email messages as I've already responded to it. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward, : : I have been going over everything you taught me in the seminar(s) and I have a couple more questions (on the "finish" side) before I go out knocking on doors: : : 1. What do I do with the THT after the property is sold? If it is dissolved, how does that occur? : : 2. I understand to postpone a trustee's sale you are to file an emergency petition with Bankruptcy Court. However, what then? I assume, you just continue on with the deal with the homeowners and get the property into a THT, but after that, do you then petition to dismiss the bankruptcy? Is that all there is? : : 3. When you are giving the owners paper, on the Deed of Trust, individually, they are the trustee (one of them), and their THT is the beneficiary, correct? : : 4. Lastly, I sent you an e-mail with a time line that I created which I believe is accurate. Can you look at it and make sure it is correct? : : Thanks a lot. : =?=?=?=?=?=?=?=?=?=?= : James, : 1. I can't believe you haven't read the Trust Declaration yet. It states the trust will terminate within 35 years or automatically self-destrust, whenever its assets reach zero. : 2. Yes, for the most part. : 3. The sellers have sold their trust to you, remember? You buy out their beneficial interest via the Assignment of Beneficial Interest in Trust. So you as the owner of the trust give the sellers a promissory note secured by a trust deed that your THT trustee signs in front of a notary. : On that trust deed make one of the sellers the Trustee and both of them, as individuals ar named as the beneficiary. : 4. Look to your email messages as I've already responded to it. 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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