Prob. with CitiFinancial Subj2! - Posted by Duane

Real Estate Investing
1

Posted by Heather -Tx on April 03, 2003 at 21:12:07:

Thanks for clarifying for me Jim, and of course I don’t mind =) I didn’t word that correctly Thanks for catching me on it! You’re right… I don’t want my name jumping out on the original trust document…saying lookie I bought it!

Heather-Tx

2

Prob. with CitiFinancial Subj2! - Posted by Duane

Posted by Duane on March 30, 2003 at 15:56:36:

I’ve been waiting to get payoff and reinstatement numbers back from CitiFinancial for over a week now. I just met with the home owner today to get the deed and POA. While meeting she said she spoke with someone from the bank on Friday and they mentioned my name and that they ‘were not going to respond to my request’. Now I have never worked with CitiFinancial before so I’m not sure what the problem is. I have until 4/9 to bring this current. I’m faxing the POA with another request today and will ring their phone off the hook tomorrow. Any other approach I should take? Are they particularly hard to work with?

Thanks.

3

Minor Clarification - Posted by Jim Kennedy - Houston, TX

Posted by Jim Kennedy - Houston, TX on April 03, 2003 at 09:01:34:

Heather and I are friends (we both live in Houston and have done business together), so I’m sure she won’t mind if I clarify one point from her post, especially since I know how she structures her “subject to” transaction.

Start out by having the seller put the property into a trust naming the seller as the only beneficiary. In a separate document, have the seller assign the beneficial interest to you.

Best of Success!!

Jim Kennedy,
Houston, TX

“The world will never starve for want of wonders, but for want of wonder.”
– Gilbert K. Chesterton

4

Re: Prob. with CitiFinancial Subj2! - Posted by Heather -Tx

Posted by Heather -Tx on March 31, 2003 at 09:17:14:

In a sub2, I found it better to have the seller call and get all the numbers for me, and not to say anything just that she was looking for the payoff. Also get the last couple statements from her.
Once they find out, they have the option to exersice Due on sale, Now I am not saying to lie to them about you buying the property… just wouldn’t devulge it unless asked. Another reason to put the property into a trust also, with you as the beneficiary.

Hope this Helps,
Heather-Tx

5

Re: Prob. with CitiFinancial Subj2! - Posted by Terry Y.

Posted by Terry Y. on March 30, 2003 at 20:54:54:

Sounds like their exercising their due on sale clause. They probably are not to cool with the title being conveyed into your name, and you reinstating the loan.