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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Process of Ownership Change Posted by Troy Nichols on November 19, 2001 at 11:20 AM In Reply to: Re: Will IRS negotiate payment of tax lien? posted by Ward-CA- on November 16, 2001 at 9:20 AM Ward, When a person strikes a deal with the owner of a home that is only days away from being sold at a Trustee Sale, what does this new owner need to do to ensure and secure his position as the new owner? Let's assume that the new owner is taking ownership "subject to" the existing loans, and that the old owner of the home did not hold title in a trust, but the new owner will hold title in a trust. What needs to happen in order of priority if this happens the day before a sale? I'll take a stab at it, first ... then, you can correct me where I'm wrong: 1. Stop the Trustee Sale (but, I'm not exactly sure what the Trustee specifically needs to do so) 2. Cure the delinquencies 3. Create a trust (maybe this one should have been first): a. I am the the trustee, the soon to be ex-owner is trustor and beneficiary b. Notify the lenders of the change c. Record the trust at the county recorder's office (use a quit claim to do this?) 4. Buyout the owner's beneficial interest in the trust and name myself as the beneficiary (I assume I do not need to notify anyone or record this change anywhere) 5. Take pictures of the home 6. Buy insurance Thanks for the help. Follow Ups: Re: One way to skin a cat... Ward-CA- 8:45 PM, 11/19/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward, : When a person strikes a deal with the owner of a home that is only days away from being sold at a Trustee Sale, what does this new owner need to do to ensure and secure his position as the new owner? : Let's assume that the new owner is taking ownership "subject to" the existing loans, and that the old owner of the home did not hold title in a trust, but the new owner will hold title in a trust. What needs to happen in order of priority if this happens the day before a sale? : I'll take a stab at it, first ... then, you can correct me where I'm wrong: : 1. Stop the Trustee Sale (but, I'm not exactly sure what the Trustee specifically needs to do so) : 2. Cure the delinquencies : 3. Create a trust (maybe this one should have been first): : a. I am the the trustee, the soon to be ex-owner is trustor and beneficiary : b. Notify the lenders of the change : c. Record the trust at the county recorder's office (use a quit claim to do this?) : 4. Buyout the owner's beneficial interest in the trust and name myself as the beneficiary (I assume I do not need to notify anyone or record this change anywhere) : 5. Take pictures of the home : 6. Buy insurance : Thanks for the help. 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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