InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Yes, and other changes too... Posted by Ward-CA- on October 06, 2003 at 3:46 PM In Reply to: Four visits instead of three? posted by James-CA on October 06, 2003 at 10:02 AM : Ward, : This is where I am confused with the implementing THT to avoid the due on sale clause from the lender. I understand that we are going to create the trust with the homeowner as beneficiary, trustee and surname (i.e., Harrison as Trustee of the Harrison Trust) because of the Wells Fargo form letter, but to complete all of the documents, don't we have to see the owners 4 times instead of 3? : First visit: : Signing of the EPA Signing of the Notice of Cancellation Signing of the Addendum : Second visit: (5 days later) : 40% installment : Grant Deed transferring into THT signed : Declaration of Trust signed OMIT THIS FORM (Certification of Trust signed ) Signing of the Beneficiary's Acknowledgement Signing of the Promissory Note and Deed of Trust : Third visit: : 60% installment : Assignment of Beneficial Interest signed : Grant Deed to Successor Trustee (to me) signed OMIT THIS FORM (Deed of Trust) 4th Visit Signing of the Affidavit of Assignment & Deed to Successor Trustee. : When is the Affidavit of Deed signed? Normally, I know it would be on the 3rd visit but since we have this extra step to avoid the due on sale clause because of the Wells Fargo form letter, doesn't that lead to a 4th visit with a 3rd different notary to make sure it is signed on a date after the deed transfers ownership to me, which is on the 3rd visit? ============================ James, I've added to, and subtracted from, your list above. And I have substituted (on the 4th visit) an Affidavit of Assignment & Deed to Successor Trustee in place of the regular, but now inappropriate Affidavit of Deed. The Affidavit of Deed is inappropriate when using the THT (Title Holding Trust) since there's no direct deeding out of the trust into an individual's name. There's just a transfer to a successor trustee wherein the trust remains the owner of the property. Hope this helps. Follow Ups: A new form James-CA 4:33 PM, 10/06/03 (3) A new form to cover the change in using the THT Ward-CA- 11:41 PM, 10/06/03 (2) Do you have a copy? James-CA 9:51 AM, 10/07/03 (1) Re: Do you have a copy? cloud 9:35 PM, 11/04/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : This is where I am confused with the implementing THT to avoid the due on sale clause from the lender. I understand that we are going to create the trust with the homeowner as beneficiary, trustee and surname (i.e., Harrison as Trustee of the Harrison Trust) because of the Wells Fargo form letter, but to complete all of the documents, don't we have to see the owners 4 times instead of 3? : : First visit: : : Signing of the EPA : Signing of the Notice of Cancellation : Signing of the Addendum : : : Second visit: (5 days later) : : 40% installment : : Grant Deed transferring into THT signed : : Declaration of Trust signed : OMIT THIS FORM (Certification of Trust signed ) : Signing of the Beneficiary's Acknowledgement : Signing of the Promissory Note and Deed of Trust : : : Third visit: : : 60% installment : : Assignment of Beneficial Interest signed : : Grant Deed to Successor Trustee (to me) signed : OMIT THIS FORM (Deed of Trust) : 4th Visit : Signing of the Affidavit of Assignment & Deed to Successor Trustee. : : When is the Affidavit of Deed signed? Normally, I know it would be on the 3rd visit but since we have this extra step to avoid the due on sale clause because of the Wells Fargo form letter, doesn't that lead to a 4th visit with a 3rd different notary to make sure it is signed on a date after the deed transfers ownership to me, which is on the 3rd visit? : ============================ : James, : I've added to, and subtracted from, your list above. And I have substituted (on the 4th visit) an Affidavit of Assignment & Deed to Successor Trustee in place of the regular, but now inappropriate Affidavit of Deed. : The Affidavit of Deed is inappropriate when using the THT (Title Holding Trust) since there's no direct deeding out of the trust into an individual's name. There's just a transfer to a successor trustee wherein the trust remains the owner of the property. : Hope this helps. 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455