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 ] An observation.. Posted by Ward-CA- on December 15, 2003 at 8:37 PM In Reply to: Trust into Bankruptcy posted by Chris on December 15, 2003 at 6:09 AM : Hi all, : Has anyone any opinions on the concept of deeding the house into a trust and having the trust file for bankruptcy to buy time before the auction? Is this doable? : This would have the advantage of not having the BK go on the seller's record, which may be something that would sway his decision to work with you. : I've heard this was being done by a local investor (Nevada), but haven't had a chance to ask about details. : Thoughts? ======================= Chris, A transfer of real property into a trust isn't considered a sale unless it was a transfer into an irrevocable trust. An irrevocable transfer would require that a transfer tax be declared on the transfer deed, touching off a permanent reassessment of the property's tax base by the county tax assessor's office. Hope this helps. Follow Ups: Re: An observation.. Chris 10:13 PM, 12/15/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Hi all, : : Has anyone any opinions on the concept of deeding the house into a trust and having the trust file for bankruptcy to buy time before the auction? Is this doable? : : This would have the advantage of not having the BK go on the seller's record, which may be something that would sway his decision to work with you. : : I've heard this was being done by a local investor (Nevada), but haven't had a chance to ask about details. : : Thoughts? : ======================= : Chris, : A transfer of real property into a trust isn't considered a sale unless it was a transfer into an irrevocable trust. : An irrevocable transfer would require that a transfer tax be declared on the transfer deed, touching off a permanent reassessment of the property's tax base by the county tax assessor's office. : : 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