Where the Mortgaged Residential Property having fewer than Five Units Acceleration not allowed on Transfer of title to a Trust in a Trust, in which the borrower is, and remains, a beneficiary.
This verbiage Does not stop a Property Owner in a Trust from Giving Title to the Trustee and nominate himself as a Beneficiary and leasing his home from the Trustee. Essentially, it allows the Trustee to Lease out the home to any Beneficiary of the Trust Agreement!
I have considered what I was told is wrapping a mortgage, but I was concearned about the DOS clause. So I passed on the deals in the past. Im I getting terms confused? I was told that as long as the payments are being made, the bank will not enforce the DOS. What are you oppinions?
Thanx, Don
Quote:
On 2005-06-11 12:47, fh4rent wrote:
I have considered what I was told is wrapping a mortgage, but I was concearned about the DOS clause. So I passed on the deals in the past. Im I getting terms confused? I was told that as long as the payments are being made, the bank will not enforce the DOS. What are you oppinions?
Thanx, Don
Where the Mortgaged Residential Property having fewer than Five Units Acceleration not allowed on Transfer of title to a Trust in a Trust, in which the borrower is, and remains, a beneficiary.
This verbiage Does not stop a Property Owner in a Trust from Giving Title to the Trustee and nominate himself as a Beneficiary and leasing his home from the Trustee. Essentially, it allows the Trustee to Lease out the home to any Beneficiary of the Trust Agreement!
http://www4.law.cornell.edu/uscode/12/1701j-3.html[ Edited by JohnMichael on Date 05/10/2005 ]
I have considered what I was told is wrapping a mortgage, but I was concearned about the DOS clause. So I passed on the deals in the past. Im I getting terms confused? I was told that as long as the payments are being made, the bank will not enforce the DOS. What are you oppinions?
Thanx, Don
Quote:
On 2005-06-11 12:47, fh4rent wrote:
I have considered what I was told is wrapping a mortgage, but I was concearned about the DOS clause. So I passed on the deals in the past. Im I getting terms confused? I was told that as long as the payments are being made, the bank will not enforce the DOS. What are you oppinions?
Thanx, Don
TRUE.
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