Discussion Forum

aes4982
Investor

Assignment Payment

Monday, September 22 2008 01:45 PM

I am working as the short sale negotiator and will be assigned as the beneficiary for a property in NJ.  I understand  that I should do an Illinois land trust and have the end buyer as the trustee.  How do I get paid my assignment fee.  For example,  I have negotiated this property with the bank for $126K.  The end buyer or trustee will be buying the property $160K and the trustee's bank will be doing 80% of the financing.  Since I am trying to avoid doing the double closing by using the Illinois land trust.  How can  I be paid my assignment fee of $34K and how should it be listed on the HUD1.

AE

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