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Re: Ward, please advise

Posted by michael on March 01, 2004 at 8:29 PM

In Reply to: 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 70%, 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.




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