Re: Some more info! YIKES! - Posted by JohnBoy
Posted by JohnBoy on July 21, 2001 at 14:39:57:
Do you have any idea of how many properties are held in a trust? Can you imagine the expense it would be for lenders to just start searching every property and then go through the expense of trying to find out if the borrower is the beneficiary of the trust or not?
What everyone seems to be getting stuck on here is, what if the lenders “asks” who the beneficiary is without having to lie by saying yes or no as to whether the borrower is or not.
What everyone is missing here, in my “opinion” is, it’s NONE of their business, period! So when the lender asks if you are the beneficiary, or who the beneficiary is, or has the beneficiary interest been transfered…my answer would be…it’s None of your business! That information is PRIVATE! That is the purpose of deeding the property into a trust to begin with, to conceal the names of the owners from public resords!
If you tell the lender it’s none of their business, what can they do? They would have to take you to court and get a judge to order you to answer under oath. How much would that cost the lender to go through? Especially if they wanted to check every property being held in a trust?
By answering it’s none of their business you wouldn’t be lying to them about anything. Since it isn’t any of their business…you would be telling the truth!