Posted by Rob H on July 17, 2001 at 11:36:48:
He does have the the money to do this.
control of property - Posted by Rob H
Posted by Rob H on July 17, 2001 at 08:54:44:
I was talking to a young man seperating from his wife. He said he wanted to keep the house but did not want her to know it was in his name.
He was asking me if there was someway he could take the house after he was free from the marrage.
The wife wants to stay in the house and bring in her mother, she already has a younger sister living there. For the moment he is staying there also.
I told him maybe there could be away–Please see if you see a flaw in this.
Take his name off of the title before to protect his credit. Then in the name of a Corp. or some other holding form. Buy the mortgage.
Have her sign by herself to new terms on a new mortgage.Held by this Corp. or LLC or…
Then foreclose when she was late on a payment. He said he thinks her church will help pay the payments --something like 6 months. But she does not make enouph to make them by herself. Payments are $1500.00 Per month.
So could he do something like what I suggested to him or in another form or way and be legal???
Rob
Re: control of property - Posted by Rob H
Posted by Rob H on July 17, 2001 at 20:18:23:
Thanks for those who posted. I will suggest to him to get his name off of the loan — and move on with his life. He is young and can easyly get another house to live in.
Re: control of property - Posted by Gary (IL)
Posted by Gary (IL) on July 17, 2001 at 13:42:38:
With all of the talent and experience that is on this board there has to be someone that could suggest something that would be more of a win win win for everyone. I would think twice about knowingly profiting from the misforturne of others (knowing she would be unable to keep up the payments and then foreclose when she was late on a payment).
Getting involved in anyway in a sitution like this would be something to avoid IMHO. Real estate investors don’t need this kind of reputation\
Re: control of property - Posted by Clare Z
Posted by Clare Z on July 17, 2001 at 13:22:03:
Why would you want to be involved in something so sneaky and smacking of unethical. I suggest you get yourself a set of values and stick with them.
CZ
Re: control of property - Posted by Stew(NE)
Posted by Stew(NE) on July 17, 2001 at 11:27:04:
You ARE kidding right? Ok, let’s pretend that you are serious. Taking the name via Quitclaim does not removed the young man from the note for the loan. The deed establishes the lien against the house.
“Then in the name of a Corp. or some other holding form. Buy the mortgage.
Have her sign by herself to new terms on a new mortgage.Held by this Corp. or LLC or…”
Uhhhh Why would she do this?
Have you created a corporation or LLC? Sorry, that was a rhetorical question, of course you haven’t. If you had you would know that a corporation of LLC would have to funded in order to buy the mortgage. Where does he get those funds?
“Then foreclose when she was late on a payment.”
Depending upon your state law “a” payment would not be enough to force someone in to foreclosure.
Slowly, back away the young man and tell him to get an attorney.