can a land trust be pentrated by the lender/forclosure?
of course. the lender has a secured interest in the property. They probably can’t find out who the beneficiary is, but the property in trust is still subject to the mortgage.
There is nothing to penetrate in a land trust. Land trusts provide some anonymity, but do not provide liability protection.
Mike
really, b/c I read that not even the IRS can penetrate the land-trust.
where am I wrong in this?
www.land-trust.net
If you have secured interest in a property does not matter if it is the White House you can get it Trust or no Trust.
penetration has nothing to do with a secured interest in a property. you GAVE them the secured interest. There is nothing that they have to penetrate; it’s already theirs.
I understand the forclosure part. But I read that trust protects the property from liens, judgements etc…including IRS tax liens.
So you’re telling me this is not true?
I watch too much TV, but last night I was watching the move triple X with Vin Diesel, and he said if you think you are free then go into a deli and piss on the cheese. That was a funny why to say that we have freedom and liberty but only to a limited degree. The government owns everything that is within its boundary or controlled by its citizens. You don’t own the money in your pocket, you control it. You don’t even own your life just ask the guy that just got off death row last night in Texas (by being executed). We get the right to control assets that are owned by the government. That being said, the IRS can get anything that it needs to feed that ravishing beast called the United States Government.
to all who have read this post, please see link below and tell me if this program / method or realestate investing is legit, or just a waste of my time and money…
it was refered to me by a member on this board…who seems to be knowledgeable and posts frequently.
a land trust converts real property (land) into personal property (ownership of a trust). personal property is not available to satisfy creditors.
therefore, when you are personally sued and lose, they can’t attach your home inside the trust.
that’s all a trust does.
so by putting the home into a land trust you protect the home from liens etc…
that’s what I’ve been saying & everybody has been disagreeing…
just because you put a home into a land trust, doesn’t mean that you can go out and rob banks and when you’re caught that the home cannot be seized or have liens attached to it. A trust does not make you superman. anyone who tells you it does is a fool.
the federal government will take anything it can find that you have ownership in or interest in whether it is personal property or not. Just ask the Skillings and the Lays from the enron scandal!
even their kids SUV’s got seized by a federal judge.
yea, I know. I sued an car mechanic one time and won. I got a judgement against them for 3k. they didnt own any real property…at least not in their name. however, the sheriffs department told me the could go and seize personal property and sell it at the next auction if I wanted to press the issue. At this point (a year later) I have not…but I probably will.
anyway, yea, even personal property can be taken.
I’ve gotten off track though…what I really want to know is, Is that program (www.landtrust.net) and useful and viable way to invest in realestate…ie…using land trusts w/ triple net leases? I’ve read over the “free” book that you can download on that website. There appears to be some advantages…I’m looking for some input from someone who is familiar w/ this program to get their insight?
If you go to the sub 2 forum, and the asset protection forum, you willl see more opinions on this than you will ever need.
Some think it’s ok, some think it’s a waste of money. It is pretty costly. Run the numbers and determine if the benefits are worth the costs.
Skydive…
Bill Gatten’s material at landtrust.net is just another tool you can add to your toolbox. Even he touts the fact that it is just a tool to enhance your other techniques.
I have used his system and it is good. But I always bulletproof my assets with “friendly liens” and make the beneficiary a corporation that will hide your personal identity.
personally, all of the guru material is overpriced in my opinion. but you pay for information in todays society. Check your local investing club for people who have used his material and see if you may borrow it for review.
protecting you from personal creditors and/or judgement liens is way different from avoiding having the property seized in foreclosure. a land trust will not stop a lienholder with a secured interest in the property from foreclosing.
well put, Mark.
Bottom line is that the government doesn’t own you, I f you want to believe that, Then that will become your reality. Since you want to go that route who do you think owns the government, and this planet for that say…You got it GOD, So nobody owns nobody unless you look at the world that way. And another thing if you want to put a property in a trust, just make sure you consult with an attorney that speciallizes in Land Trust, and stop worring about that damn negatives, because that is what you will get if that’s what you are looking for. Just insure that you are doing thing the legal way, be honest with yourself, and with others, and you will be ok.