took Sub-2, deed in land trust...

Hello all,
About a year ago, I took a property S-T, put the deed into a Land Trust with a third party beneficiary. Friday I recieved notification the note holder filed CH 13. Has anyone had a similar experience? What was the outcome? I’m talking to an Atty tomorrow about it but I wanted to see if I could glean some input from anyone who has had a similar experience… TIA


im sorry, i dont understand. you took the deed to the property under your name/entity, put the property under a land trust( sellers name to protect against the dos claus) then has a third party beneficiary? what is the third party beneficiary for? you mean trustee?

Mr Cityscape,
From my understanding the bankruptcy attorney could potentially come after the asst real estate on a judgment no legal advice given since they may deem it a " fraudulent conveyance" not at all saying it was but get some good legal help to cover yourself on this issue.
I however am not sure how long they can go back from when you took the property sub2. I hope your trust is setup legally correct to avoid these charging orders againest you…
The trust I would think can delay any action againest you until your attorney can work his from his side.

It is is in the intent and the timing of the transfer so good luck…

Is there a rule, stating that the homeowner can’t place their property into a trust for estate planning purposes?

In my area, investors are simply transferring the deed in their name instead of using a trust.

Most i think contact the lender first to inform them that they will place the property in their name since the homeowner is insolvent. So they can finish the foreclosure or allow the transfer.

At least with the latter they will get a lump sum and timely payments.