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Author Topic: What's the latest on WF/ASC on Trusts?  (Read 1342 times)

Offline obiwan1250

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What's the latest on WF/ASC on Trusts?
« on: December 23, 2010, 06:47:38 am »
I've been working on a SS for about a year now.  Put the property in a Land Trust right up front, to avoid seasoning issues with FHA (now a moot point), and nuisance liens surfacing right before a closing.  Have had three different offers on this property, which has plummeted in value since first listed.  Had several LM's, and they yahoo's weren't smart enough to take the early offers -- they've already lost 10's of thousands on this deal.   

The most recent LM said if I did this, this, this, put it all on the HUD, sent in the PA addendum to a price change which yields the net they need, she assured me it was verbally approved.   That's all I needed to do -- just update the HUD and send in the PA Addendum.  That takes about two weeks and she closes the file.   

Now some new fellow gets assigned and it's like we're just starting all over again, and the first thing he says is, "We don't allow the closing if the property is in a land trust".   Oh really?  Then how come all of these other LM's never said that would be a problem?   They even had me send in my trust agreement.  I complied with their request, though against my better judgment.   

I've heard a fair amount of scuttlebutt, the Lenders have just gone stupid against the most logical instrument on the planet for facilitating a clear title when a property is in foreclosure.  Some are advocating "Family Trusts" as opposed to Land Trusts.   

Any help would be appreciated.    The borrower is one step away from a BK7 and I'm afraid this one is about to self-destruct.   :flush

Would it make any sense to call the super back and ask that the file be reassigned to the more recent LM?   Will they do that?   

Offline Gold River

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Re: What's the latest on WF/ASC on Trusts?
« Reply #1 on: January 02, 2011, 01:43:55 pm »
Hi,

    It sounds like your a hobby investor, as I certainly don't have a year to try to "Short Sale" one property. As an investor I will work a file for 90 days max, and then it's "See Ya, Wouldn't Want to Be Ya" and I am gone, as there are to many properties out there to get hung up on one property!

The lenders don't have a problem selling your land trust the short sale if your paying all cash to close from your own pocket. There are new regulations prohibiting a sale to a land trust when financing is being used to purchase, requiring a real person on title.

You can try anything at this point, maybe you can prolong the agony for another couple of years!

Hey, it's your baby and dang nabbit everybody loves a short sale hobby!

Good luck,

                    GR

 




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