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Wallace
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Financing and re-assessment question
Saturday, January 09 2010 02:39 PM
Great conference call today. I wish it was more than an hour because we didn't have time to cover everything.
With regards to financing, I'm more interested in keeping my loan private and not reported on my personal credit. This works for both a new loan and refi, correct?
Also, if I can find a bank that'll lend to a trustee and they make me still personally guarantee the loan (i.e. full recourse), will that be reported to my personal credit?
Also, by transferring the property into a land or even a living trust, this prevents a re-assessment of property taxes upon transfer. That's just a one time occurrence, right? The property would still go through the normal state/county re-assessment annually, right?
Thanks.
REPLY
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Randy Hughes
Land Trust Expert-40+ years of experience
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Re:Financing and re-assessment question
Saturday, January 09 2010 04:37 PM
Wallace,
SEE MY COMMENTS IN BOLD BELOW.
RANDY
Great conference call today. I wish it was more than an hour because we didn't have time to cover everything.
With regards to financing, I'm more interested in keeping my loan private and not reported on my personal credit. This works for both a new loan and refi, correct?CORRECT. BECAUSE THE MORTGAGE IS SIGNED BY THE TRUSTEE....NOT YOU (THE BENEFICIARY)
Also, if I can find a bank that'll lend to a trustee and they make me still personally guarantee the loan (i.e. full recourse), will that be reported to my personal credit? IT SHOULD NOT. ONCE IN A WHILE I HAVE A BANK THAT TRIES TO DO THIS UNTIL I EXPLAIN THAT I WAS NOT THE BORROWER...JUST THE GUARANTOR!!!
Also, by transferring the property into a land or even a living trust, this prevents a re-assessment of property taxes upon transfer. That's just a one time occurrence, right? The property would still go through the normal state/county re-assessment annually, right?
RIGHT
Randy Hughes
866-696-7347
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