Creating a living trust to buy a house?

[SK in CV]

[quote=flu]

SK,

What are the “other ways”?

-Curious kitty.[/quote]

I said “may”. I’m thinking maybe the only foolproof way would be to pay all cash so there’s no problems with the lender. Set up a pretty standard grantor trust with a fictitious name, (ABC Trust) and name an attorney or someone else as the trustee for the recording of the purchase, so your name doesn’t show up anywhere on the records. Then after the purchase is recorded, substitute yourself as the trustee. I can’t think of any reason that wouldn’t work.

[Coronita]

[quote=SK in CV][quote=flu]

SK,

What are the “other ways”?

-Curious kitty.[/quote]

I said “may”. I’m thinking maybe the only foolproof way would be to pay all cash so there’s no problems with the lender. Set up a pretty standard grantor trust with a fictitious name, (ABC Trust) and name an attorney or someone else as the trustee for the recording of the purchase, so your name doesn’t show up anywhere on the records. Then after the purchase is recorded, substitute yourself as the trustee. I can’t think of any reason that wouldn’t work.[/quote]

Thats fine. I’m just trying to figure out if anyone’s done this for real.. I guess those who have, kinda want to hide the trade secrets 🙂

[Coronita]

[quote=SK in CV][quote=flu]

SK,

What are the “other ways”?

-Curious kitty.[/quote]

I said “may”. I’m thinking maybe the only foolproof way would be to pay all cash so there’s no problems with the lender. Set up a pretty standard grantor trust with a fictitious name, (ABC Trust) and name an attorney or someone else as the trustee for the recording of the purchase, so your name doesn’t show up anywhere on the records. Then after the purchase is recorded, substitute yourself as the trustee. I can’t think of any reason that wouldn’t work.[/quote]

Thats fine. I’m just trying to figure out if anyone’s done this for real.. I guess those who have, kinda want to hide the trade secrets 🙂

[Coronita]

[quote=SK in CV][quote=flu]

SK,

What are the “other ways”?

-Curious kitty.[/quote]

I said “may”. I’m thinking maybe the only foolproof way would be to pay all cash so there’s no problems with the lender. Set up a pretty standard grantor trust with a fictitious name, (ABC Trust) and name an attorney or someone else as the trustee for the recording of the purchase, so your name doesn’t show up anywhere on the records. Then after the purchase is recorded, substitute yourself as the trustee. I can’t think of any reason that wouldn’t work.[/quote]

Thats fine. I’m just trying to figure out if anyone’s done this for real.. I guess those who have, kinda want to hide the trade secrets 🙂

[Coronita]

[quote=SK in CV][quote=flu]

SK,

What are the “other ways”?

-Curious kitty.[/quote]

I said “may”. I’m thinking maybe the only foolproof way would be to pay all cash so there’s no problems with the lender. Set up a pretty standard grantor trust with a fictitious name, (ABC Trust) and name an attorney or someone else as the trustee for the recording of the purchase, so your name doesn’t show up anywhere on the records. Then after the purchase is recorded, substitute yourself as the trustee. I can’t think of any reason that wouldn’t work.[/quote]

Thats fine. I’m just trying to figure out if anyone’s done this for real.. I guess those who have, kinda want to hide the trade secrets 🙂

[Coronita]

[quote=SK in CV][quote=flu]

SK,

What are the “other ways”?

-Curious kitty.[/quote]

I said “may”. I’m thinking maybe the only foolproof way would be to pay all cash so there’s no problems with the lender. Set up a pretty standard grantor trust with a fictitious name, (ABC Trust) and name an attorney or someone else as the trustee for the recording of the purchase, so your name doesn’t show up anywhere on the records. Then after the purchase is recorded, substitute yourself as the trustee. I can’t think of any reason that wouldn’t work.[/quote]

Thats fine. I’m just trying to figure out if anyone’s done this for real.. I guess those who have, kinda want to hide the trade secrets 🙂

[Anonymous]

I live in Northern California and we have a terrible thing happening up here: a website is collecting all the public information on houses and posting it (owner names, addresses, price paid, taxes paid, etc.). Here is the site: http://sf.blockshopper.com/

We have been the victims of identity theft (since 2005 – with ongoing/annual problems). Privacy is critical for us.

We are currently renting in a high priced neighborhood and will be buying a house soon. In the meantime, I have trust documents sitting on our kitchen counter waiting to be signed, but the documents have the trust named after our family name…. and I was beginning to think we should consider renaming the trust to something that has nothing to do with us so that the identity thieves can’t find us…

But now that I hear that you can’t get a LOAN on a piece of property if it’s in a trust without your family name???? Is this really true?

I don’t know what we are going to do…. 🙁

[Anonymous]

I live in Northern California and we have a terrible thing happening up here: a website is collecting all the public information on houses and posting it (owner names, addresses, price paid, taxes paid, etc.). Here is the site: http://sf.blockshopper.com/

We have been the victims of identity theft (since 2005 – with ongoing/annual problems). Privacy is critical for us.

We are currently renting in a high priced neighborhood and will be buying a house soon. In the meantime, I have trust documents sitting on our kitchen counter waiting to be signed, but the documents have the trust named after our family name…. and I was beginning to think we should consider renaming the trust to something that has nothing to do with us so that the identity thieves can’t find us…

But now that I hear that you can’t get a LOAN on a piece of property if it’s in a trust without your family name???? Is this really true?

I don’t know what we are going to do…. 🙁

[Anonymous]

I live in Northern California and we have a terrible thing happening up here: a website is collecting all the public information on houses and posting it (owner names, addresses, price paid, taxes paid, etc.). Here is the site: http://sf.blockshopper.com/

We have been the victims of identity theft (since 2005 – with ongoing/annual problems). Privacy is critical for us.

We are currently renting in a high priced neighborhood and will be buying a house soon. In the meantime, I have trust documents sitting on our kitchen counter waiting to be signed, but the documents have the trust named after our family name…. and I was beginning to think we should consider renaming the trust to something that has nothing to do with us so that the identity thieves can’t find us…

But now that I hear that you can’t get a LOAN on a piece of property if it’s in a trust without your family name???? Is this really true?

I don’t know what we are going to do…. 🙁

[Anonymous]

I live in Northern California and we have a terrible thing happening up here: a website is collecting all the public information on houses and posting it (owner names, addresses, price paid, taxes paid, etc.). Here is the site: http://sf.blockshopper.com/

We have been the victims of identity theft (since 2005 – with ongoing/annual problems). Privacy is critical for us.

We are currently renting in a high priced neighborhood and will be buying a house soon. In the meantime, I have trust documents sitting on our kitchen counter waiting to be signed, but the documents have the trust named after our family name…. and I was beginning to think we should consider renaming the trust to something that has nothing to do with us so that the identity thieves can’t find us…

But now that I hear that you can’t get a LOAN on a piece of property if it’s in a trust without your family name???? Is this really true?

I don’t know what we are going to do…. 🙁

[Anonymous]

I live in Northern California and we have a terrible thing happening up here: a website is collecting all the public information on houses and posting it (owner names, addresses, price paid, taxes paid, etc.). Here is the site: http://sf.blockshopper.com/

We have been the victims of identity theft (since 2005 – with ongoing/annual problems). Privacy is critical for us.

We are currently renting in a high priced neighborhood and will be buying a house soon. In the meantime, I have trust documents sitting on our kitchen counter waiting to be signed, but the documents have the trust named after our family name…. and I was beginning to think we should consider renaming the trust to something that has nothing to do with us so that the identity thieves can’t find us…

But now that I hear that you can’t get a LOAN on a piece of property if it’s in a trust without your family name???? Is this really true?

I don’t know what we are going to do…. 🙁

[bearishgurl]

[quote=momma mia] . . . I have trust documents sitting on our kitchen counter waiting to be signed, but the documents have the trust named after our family name…. and I was beginning to think we should consider renaming the trust to something that has nothing to do with us so that the identity thieves can’t find us…

But now that I hear that you can’t get a LOAN on a piece of property if it’s in a trust without your family name???? Is this really true?

I don’t know what we are going to do…. :([/quote]

momma mia, you can’t get a loan at all in the name of a trust.

You will take title in your own names and THEN transfer the property to your trust. You can do this all in the same day if you can get the escrow officer to draw up a quitclaim deed to your family trust.

I wouldn’t worry about identity thieves possibly viewing your original grant deed and deed of trust at the recorder’s office. There are no SS numbers on there and nothing for them to steal in order to assume your identity.

[bearishgurl]

[quote=momma mia] . . . I have trust documents sitting on our kitchen counter waiting to be signed, but the documents have the trust named after our family name…. and I was beginning to think we should consider renaming the trust to something that has nothing to do with us so that the identity thieves can’t find us…

But now that I hear that you can’t get a LOAN on a piece of property if it’s in a trust without your family name???? Is this really true?

I don’t know what we are going to do…. :([/quote]

momma mia, you can’t get a loan at all in the name of a trust.

You will take title in your own names and THEN transfer the property to your trust. You can do this all in the same day if you can get the escrow officer to draw up a quitclaim deed to your family trust.

I wouldn’t worry about identity thieves possibly viewing your original grant deed and deed of trust at the recorder’s office. There are no SS numbers on there and nothing for them to steal in order to assume your identity.

[bearishgurl]

[quote=momma mia] . . . I have trust documents sitting on our kitchen counter waiting to be signed, but the documents have the trust named after our family name…. and I was beginning to think we should consider renaming the trust to something that has nothing to do with us so that the identity thieves can’t find us…

But now that I hear that you can’t get a LOAN on a piece of property if it’s in a trust without your family name???? Is this really true?

I don’t know what we are going to do…. :([/quote]

momma mia, you can’t get a loan at all in the name of a trust.

You will take title in your own names and THEN transfer the property to your trust. You can do this all in the same day if you can get the escrow officer to draw up a quitclaim deed to your family trust.

I wouldn’t worry about identity thieves possibly viewing your original grant deed and deed of trust at the recorder’s office. There are no SS numbers on there and nothing for them to steal in order to assume your identity.

[bearishgurl]

[quote=momma mia] . . . I have trust documents sitting on our kitchen counter waiting to be signed, but the documents have the trust named after our family name…. and I was beginning to think we should consider renaming the trust to something that has nothing to do with us so that the identity thieves can’t find us…

But now that I hear that you can’t get a LOAN on a piece of property if it’s in a trust without your family name???? Is this really true?

I don’t know what we are going to do…. :([/quote]

momma mia, you can’t get a loan at all in the name of a trust.

You will take title in your own names and THEN transfer the property to your trust. You can do this all in the same day if you can get the escrow officer to draw up a quitclaim deed to your family trust.

I wouldn’t worry about identity thieves possibly viewing your original grant deed and deed of trust at the recorder’s office. There are no SS numbers on there and nothing for them to steal in order to assume your identity.

[Author]

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