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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re:Re: Clearing up more haze.... Posted by Ward-CA- on December 03, 2001 at 8:16 PM In Reply to: Re: Using a title holding trust to avoid the due-on-sale issue posted by Troy on December 03, 2001 at 11:38 AM : Ward, I have a couple questions for you in regards to this post: : 1. You wrote, "Have your friend (Shirley Jones) transfer her house title via a grant deed to a title holding trust..." : Will a quit claim deed be sufficient for this purpsose as well? If not, when is a quit claim used? : 2. You wrote,"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." : Will a title company have a form for this type of assignment? And, I just want to make sure that this change of beneficial interest is not "recorded", but just "notarized"? Correct? : 2. You also wrote, "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. : Should the trust declaration always be "6 pages"? : Thanks again for you help. : Troy : PS - I also wanted to let you know that I appreciated your reply to my questions regarding when a BK has been filed after you buy a junior lien. Thank you. It made all the sense in the world ... and, once again, you've cleared up some of my haze. Let me ask you though, how often will you actually be granted a relief from stay? =?=?=?=?=?=?=?=?=?=?= Troy, 1). A quitclaim deed will work here. You can use a quitclaim almost any time you want to deed property to someone. However title companies like the extra warranties that are imbued in the grant deed and so usually require it if they are involved. 2). No, a title company won?t necessarily have the form for an assignment of beneficial interest in a trust. And yes, the assignment is notarized but not recorded. 3). There?s no requirement that I?m aware that requires any trust be any exact number of pages. PS answer: A senior 1st lien will almost always have to patiently wait for their relief of stay, whereas a junior lien will almost always be granted a relief of stay. By the way, your haze is fine. It?s forcing me to learn to answer posts in much more exacting detail. Follow Ups: Clear Skies Troy 9:20 PM, 12/03/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, I have a couple questions for you in regards to this post: : : 1. You wrote, "Have your friend (Shirley Jones) transfer her house title via a grant deed to a title holding trust..." : : Will a quit claim deed be sufficient for this purpsose as well? If not, when is a quit claim used? : : 2. You wrote,"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." : : Will a title company have a form for this type of assignment? And, I just want to make sure that this change of beneficial interest is not "recorded", but just "notarized"? Correct? : : 2. You also wrote, "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. : : Should the trust declaration always be "6 pages"? : : Thanks again for you help. : : Troy : : PS - I also wanted to let you know that I appreciated your reply to my questions regarding when a BK has been filed after you buy a junior lien. Thank you. It made all the sense in the world ... and, once again, you've cleared up some of my haze. Let me ask you though, how often will you actually be granted a relief from stay? : =?=?=?=?=?=?=?=?=?=?= : Troy, : 1). A quitclaim deed will work here. You can use a quitclaim almost any time you : want to deed property to someone. However title companies like the extra warranties : that are imbued in the grant deed and so usually require it if they are involved. : 2). No, a title company won?t necessarily have the form for an assignment of beneficial interest in a trust. And yes, the assignment is notarized but not recorded. : 3). There?s no requirement that I?m aware that requires any trust be any exact number of pages. : PS answer: A senior 1st lien will almost always have to patiently wait for their relief of stay, whereas a junior lien will almost always be granted a relief of stay. : By the way, your haze is fine. It?s forcing me to learn to answer posts in much more exacting detail. 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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