i have someone who is behind on their mortgage 4-5 mo’s and has filed bankruptcy already. i am unsure of which chapter she has filed for, but im assuming chapter 13 because it is the only one without a repayment plan and the main reason for filing is because of this potential foreclosure and it all falls under this chapter. assuming this is correct, can she still back out of it even though its already been paid for? it doesnt seem like she cared either way( short sale or bankruptcy). Is that because its definetely going under the bankruptcy, or can i still save it and do the short sale, lender is countrywide…Do you still grab the deed or is there a different formula…thanks for the help, im new at this!
hello??no short sale investors in the forum anymore?? im sure someone has experienced this before???
I am not quite sure what you are asking? One question at a time please.
j
Foreclosures in general are very complex a lot of things may go wrong.
You need to get a Real Estate Attorney involved.
hey joseph
the question that i have is about land trusts.
i understand its for hiding assets from the public. how exactly is that done? how do you put the property of a seller in the trust?
why do you need a trustee and what is their incentive? should it be the seller?
the beneficiary is the person in control of the trust?
are you suppose to put the seller as a partial benenficiary for any reason?
thanks, reading soo much about it but its tricky. thanks again
Isn’t your short sale playing against time? I know you are doing research on land trust but what happens when your time is running out and need to close on the short sale?
Anyways, see my other post.
the short sales are just deals that come across my desk from day to day and i usually run across 2-3 short sales a week, i just am working more on the campaign of my company than these deals, but want to take title the right way cause ive learned everything( not really) but the deed part as of yet… so let me see if i can quarterback this
we’re both from cali here
use a form–grant deed to trustee? or what would u use?
put the property into the trust (named after seller or me or anybody?)
the trusts beneficiary is my company/me
the trustee is a third party to take care of the trust and for public record to conceal myself as owner( trustee has not incentive but an obligation then? can i get rid of them as i please and do they have any rights at all or can transfer their rights when they want?)
would this be the same formula when taking ownership of ure principle residence or only to investment property, i believe a living trust would be for personal residence? thanks again!
Pillow,
Please see my other post. Just curious, what exactly are you doing? You aren’t purchasing the short sale but campaigning? Email me as I don’t have much time to check the forums.
Joseph