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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Ward, please advise Posted by michael on March 01, 2004 at 8:28 PM I have a meeting next week with a potential foreclosure client. Here are the specifics: -currently $8000 delinquent in mortgage payments -received notice of default in mid december 2003 -currently in forberance, making $2200/month payment, which buys them an additional 8 months -LTV is currently 700%, with approximately $100,000 in equity I would like to offer them a cash settlement, equal to their amount in arrears plus a percentage of their equity, in exchange for title to their property. I would use a land trust and have my corporation named 100% beneficiary. When I decide to sell this property to another investor, do I merely reassign the beneficial interest of the trust to the new investor? How would you go about this? Thanks in advance. Follow Ups: correction, LTV is 70% michael 8:34 PM, 03/01/04 (0) Re: Ward, please advise michael 8:29 PM, 03/01/04 (1) You have two different ways to resell... Ward-CA- 9:51 PM, 03/01/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I have a meeting next week with a potential foreclosure client. Here are the specifics: : -currently $8000 delinquent in mortgage payments : -received notice of default in mid december 2003 : -currently in forberance, making $2200/month payment, which buys them an additional 8 months : -LTV is currently 700%, with approximately $100,000 in equity : I would like to offer them a cash settlement, equal to their amount in arrears plus a percentage of their equity, in exchange for title to their property. I would use a land trust and have my corporation named 100% beneficiary. When I decide to sell this property to another investor, do I merely reassign the beneficial interest of the trust to the new investor? How would you go about this? Thanks in advance. 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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