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 ] Re: Confused Trustor Posted by Ward-CA- on November 19, 2003 at 6:30 PM In Reply to: Confused Trustor posted by Lughead on November 18, 2003 at 9:53 PM : hello : we took a deed in lieu on a property - and have been paying on the senior note : just the other day the former Trustor left a message that they applied for a loan and were turned down because the other loan still shows on their credit report : we disclosed this to them at the time of the deed in lieu : any suggestions on how to deal with these folks - : 1) obviously even though this was explained to them and they signed an ackowledgement, they are still confused : 2) is there a way for them to be able to qualify for a new loan since we are making payments on the note? : thank you =?=?=?=?=?=?=?=?=?=?= Lunk, #1. In your Trust manual you'll find an article by 1st tuesday entitled "Subject to vs. assumption". You should copy it for your clients that don't really understand what's going on as far as letting you take title to their property "subject to". #2. As long as no formal assumption of their loan exists between their lender and you the loan is going be shown in their name and as their responsibility to pay. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : hello : : we took a deed in lieu on a property - and have been paying on the senior note : : just the other day the former Trustor left a message that they applied for a loan and were turned down because the other loan still shows on their credit report : : we disclosed this to them at the time of the deed in lieu : : any suggestions on how to deal with these folks - : : 1) obviously even though this was explained to them and they signed an ackowledgement, they are still confused : : 2) is there a way for them to be able to qualify for a new loan since we are making payments on the note? : : thank you : =?=?=?=?=?=?=?=?=?=?= : Lunk, : #1. In your Trust manual you'll find an article by 1st tuesday entitled "Subject to vs. assumption". You should copy it for your clients that don't really understand what's going on as far as letting you take title to their property "subject to". : #2. As long as no formal assumption of their loan exists between their lender and you the loan is going be shown in their name and as their responsibility to pay. : 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