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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] You have two different ways to resell... Posted by Ward-CA- on March 01, 2004 at 9:51 PM In Reply to: Re: Ward, please advise posted by michael on March 01, 2004 at 8:29 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. ============== Michael, When you transfer the property to another party you can do it two different ways. One way is to deed the property out of the trust and into the name of the new owner. The other way is to assign 100% of the beneficial interest from the current beneficiary to the new beneficiary. You’d use a form called, Assignment of Beneficial Interest in Trust. It would be notarized but never recorded. The new beneficiary would just keep it with the trust declaration. In addition you’d need to have your current trustee deed the trusteeship from themself to the new beneficiary’s designated trustee, as the successor trustee of the trust. Hope this helps. Follow Ups: 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 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. : ============== : Michael, : When you transfer the property to another party you can do it two different ways. One way is to deed the property out of the trust and into the name of the new owner. : The other way is to assign 100% of the beneficial interest from the current beneficiary to the new beneficiary. : You’d use a form called, Assignment of Beneficial Interest in Trust. It would be notarized but never recorded. The new beneficiary would just keep it with the trust declaration. : In addition you’d need to have your current trustee deed the trusteeship from themself to the new beneficiary’s designated trustee, as the successor trustee of the trust. : 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

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