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Foreclosure Forum
Moderated by: joel, TheShortSalePro, JohnLocke, bargain76
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Real Estate Investing Forum Index / Foreclosure Forum / Pre-Foreclosure and Land Trust

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Pre-Foreclosure and Land Trust
cookie

3 Posts  
Member Since: 03/05/2003Join cookie's Network
What's My Favorites Network?		 Posted: 18:53 on 03-12-2003   
Just thinking out loud - give me a sanity check please...

Background) pre-foreclosure property CMV = 175K, Seller willing to walk away from note owing 135K. Seller willing to leave mortgage in his name.

Here is what I am thinking:

1) Get the house under contract - execute standard purchase and sales agreement

2) Have the seller place the property in a land trust, name me as the beneficial interest.

3) Update the title/deed with the trust name.

4) Either lease/option or outright sell the property.

What am I missing?

Thanks!


[ Edited by cookie on Date 03/12/2003 ]
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tanya1215

882 Posts  
Member Since: 11/23/2002
Winter Park, FL
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What's My Favorites Network?		 Posted: 21:03 on 03-13-2003   
If you need more information on Land Trusts you can check out the comments to the article on Land Trust.

Scroll down to the bottom where people have commented and it will give more information. Also, you may want to check out www.landtrust.net and contact Derrick Ali, who is knowledgable on this subject.

Tanya
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