Gary,
It is quite obvious that not only do the newbies read these boards, but it appears that our lawmakers do also.
I would have to guess that one of the reasons for the following change to the Code of Federal Regulations may have come from your rantings about using a trust for everything including curing the common cold.
Here is what I am talking about:
[Code of Federal Regulations]
[Title 12, Volume 5]
[Revised as of January 1, 2006]
12CFR591.5
(vi) A transfer into an inter vivos trust in which the borrower is
and remains the beneficiary and occupant of the property, unless, as a
condition precedent to such transfer, the borrower refuses to provide
the lender with reasonable means acceptable to the lender by which the
lender will be assured of timely notice of any subsequent transfer of
the beneficial interest or change in occupancy.
As far as any change in the beneficiary of the trust, the word “A” has been changed to “THE” and the owner MUST remain the occupant to not violate the DOS.
And this is FEDERAL.
I guess this answers those questions I had, that you wouldn’t answer on this thread here:
http://www.reiclub.com/forums/index.php?board=22;action=display;threadid=11612
So if the seller MUST remain the occupant of the house and “THE” beneficiary, it looks like your back pocket transfer loophole has been closed. So please explain to me the reason and for using your NARS trust or any other kind of trust to hold a property in; because if the seller leaves or you change the beneficiary, now you have violated the DOS and I know how worried YOU are about that.