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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Using a title holding trust to avoid the due-on-sale issue Posted by Ward-CA- on December 02, 2001 at 2:17 PM In Reply to: My friend loosing house and wants me to take over posted by jean on December 02, 2001 at 12:23 AM : My good buddy is loosing her house to foreclosure. She wants me to take over because she's going to relocate. I have bad credit can you help with how I can assume or take ownership. =?=?=?=?=?=?=?=?=?=?= Jean, if you have bad credit then your friend?s lender is not going to allow you to assume her loan. So in that case you should use a title holding trust to sidestep the due-on-sale clause in her deed of trust and promissory note. I don?t know what state you are from, so I?ll assume it is California. Have your friend (Shirley Jones) transfer her house title via a grant deed to a title holding trust, using you (Ginger Rogers) as the trustee and naming the trust after herself. Here?s an example of the deed?s vesting language: Ginger Rogers, Trustee of the Jones Trust, dated 12-02-01. Record the transfer deed from Shirley Jones to Ginger Rogers, Trustee of the Jones Trust, dated 12-02-01. Get a conformed copy at the time of recording and make a couple copies of it. Have Shirley send a letter to her lender, informing them that she has transferred her title to her Jones trust. Include one of those copies of the conformed copy you got along with a notarized Certification of Trust from you as the trustee. Have Shirley do the same with the insurance company. A couple of days after the letters have gone out have Shirley assign 100% of the beneficial interest in the trust to you via a notarized assignment and you are almost done. Make out the 6 page Trust Declaration and have Shirley sign and date as the Trustor and you as the Trustee. The signatures of the trust do not require any notarization. The trust declaration, notarized assignment, and certification of trust would be your papers. Of course all of this is for naught if you don?t reinstate the delinquent payments on Shirley?s loan. Hope this helps. Follow Ups: Re: Using a title holding trust to avoid the due-on-sale issue Troy 11:38 AM, 12/03/01 (2) Re:Re: Clearing up more haze.... Ward-CA- 8:16 PM, 12/03/01 (1) Clear Skies Troy 9:20 PM, 12/03/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : My good buddy is loosing her house to foreclosure. She wants me to take over because she's going to relocate. I have bad credit can you help with how I can assume or take ownership. : =?=?=?=?=?=?=?=?=?=?= : Jean, if you have bad credit then your friend?s lender is not going to allow you to assume her loan. So in that case you should use a title holding trust to sidestep the due-on-sale clause in her deed of trust and promissory note. I don?t know what state you are from, so I?ll assume it is California. : Have your friend (Shirley Jones) transfer her house title via a grant deed to a title holding trust, using you (Ginger Rogers) as the trustee and naming the trust after herself. Here?s an example of the deed?s vesting language: : Ginger Rogers, Trustee of the Jones Trust, dated 12-02-01. : Record the transfer deed from Shirley Jones to Ginger Rogers, Trustee of the Jones Trust, dated 12-02-01. Get a conformed copy at the time of recording and make a couple copies of it. : Have Shirley send a letter to her lender, informing them that she has transferred her title to her Jones trust. Include one of those copies of the conformed copy you got along with a notarized Certification of Trust from you as the trustee. : Have Shirley do the same with the insurance company. : A couple of days after the letters have gone out have Shirley assign 100% of the beneficial interest in the trust to you via a notarized assignment and you are almost done. : Make out the 6 page Trust Declaration and have Shirley sign and date as the Trustor and you as the Trustee. The signatures of the trust do not require any notarization. The trust declaration, notarized assignment, and certification of trust would be your papers. : Of course all of this is for naught if you don?t reinstate the delinquent payments on Shirley?s loan. : 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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