Few Questions regarding deed of trusts-
How does it work if you own say 10% of a deed of trust?
What happens to my 10% of a deed of trust with no equity? with 100k of equity?
Does the home have to sell for me to be able to get money? What about a refi co.?
Thanks for any help
GRegg -Tucson, AZ
If you own 10% if a DOT, it appears you are in some sort of a partnership. If that is correct what does your agreement say? There really is not enough information here to provide any real answers.
Heres the situation:
I worked a shortsale with a partner- got a deep discount on the property. Instead of getting the property into contract in our names, we got her friend to get it into contract and purchase the property to avoid the fees of a double closing. At closing, her friend was supposed to pay us a fee for getting him the shortsale.
Her friend came to the closing, but did not have our fee as was agreed. We were down to the wire and had to close that day. At this point we did not have much bargaining power, as he was the one on the contract.
He said he would give us 10% deed of trust in one of his properties as a substitute for the cash. We signed and everything was recorded. We now own 10% deed of trust in this property. I dont know any of the details on this property.
It looks like I f’ed up this deal pretty good. I will never be this trusting again. I did learn a lot from this mangled deal though.
My questions are:
How does it work if you own say 10% of a deed of trust?
What happens to my 10% of a deed of trust with no equity? with 100k of equity?
Does the home have to sell for me to be able to get money? What about a refi co.?
Thanks,
Gregg
A deed of trust usually secures a note (the loan on the property). If you also have 10% of the note then you should get 10% of the payments as they come in.
You should read the agreement that you signed very carefully or have an attorney look at it. Or post it here and someone will be able to help for sure.