Home › Forums › Closed Forums › Properties or Areas › Interesting short sale(s) in Del Mar
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earlyretirement.
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August 24, 2010 at 8:33 PM #595749August 24, 2010 at 8:50 PM #596715
bearishgurl
Participant[quote=SK in CV]. . . Always problematic getting loans for trusts. Unless of course you know someone at the lender. If the trust was actually the borrower, even on a refi, as a practical matter it makes the loan non-recourse as to that borrower. Obviously both owners would be good for any shortage.
[/quote]In a personal trust, any equity or “cash-out” refi taken out would be legally classified as “recourse” paper, the same as for an individual or joint tenancy. The trustees are free at any time to use one trustee’s individual income to qualify for a loan, or their collective incomes. However, it would take ALL the trustees’ signatures on the trust deed and note to apply for a loan against the property, regardless of whose income/assets are used to qualify.
August 24, 2010 at 8:50 PM #596402bearishgurl
Participant[quote=SK in CV]. . . Always problematic getting loans for trusts. Unless of course you know someone at the lender. If the trust was actually the borrower, even on a refi, as a practical matter it makes the loan non-recourse as to that borrower. Obviously both owners would be good for any shortage.
[/quote]In a personal trust, any equity or “cash-out” refi taken out would be legally classified as “recourse” paper, the same as for an individual or joint tenancy. The trustees are free at any time to use one trustee’s individual income to qualify for a loan, or their collective incomes. However, it would take ALL the trustees’ signatures on the trust deed and note to apply for a loan against the property, regardless of whose income/assets are used to qualify.
August 24, 2010 at 8:50 PM #596293bearishgurl
Participant[quote=SK in CV]. . . Always problematic getting loans for trusts. Unless of course you know someone at the lender. If the trust was actually the borrower, even on a refi, as a practical matter it makes the loan non-recourse as to that borrower. Obviously both owners would be good for any shortage.
[/quote]In a personal trust, any equity or “cash-out” refi taken out would be legally classified as “recourse” paper, the same as for an individual or joint tenancy. The trustees are free at any time to use one trustee’s individual income to qualify for a loan, or their collective incomes. However, it would take ALL the trustees’ signatures on the trust deed and note to apply for a loan against the property, regardless of whose income/assets are used to qualify.
August 24, 2010 at 8:50 PM #595661bearishgurl
Participant[quote=SK in CV]. . . Always problematic getting loans for trusts. Unless of course you know someone at the lender. If the trust was actually the borrower, even on a refi, as a practical matter it makes the loan non-recourse as to that borrower. Obviously both owners would be good for any shortage.
[/quote]In a personal trust, any equity or “cash-out” refi taken out would be legally classified as “recourse” paper, the same as for an individual or joint tenancy. The trustees are free at any time to use one trustee’s individual income to qualify for a loan, or their collective incomes. However, it would take ALL the trustees’ signatures on the trust deed and note to apply for a loan against the property, regardless of whose income/assets are used to qualify.
August 24, 2010 at 8:50 PM #595754bearishgurl
Participant[quote=SK in CV]. . . Always problematic getting loans for trusts. Unless of course you know someone at the lender. If the trust was actually the borrower, even on a refi, as a practical matter it makes the loan non-recourse as to that borrower. Obviously both owners would be good for any shortage.
[/quote]In a personal trust, any equity or “cash-out” refi taken out would be legally classified as “recourse” paper, the same as for an individual or joint tenancy. The trustees are free at any time to use one trustee’s individual income to qualify for a loan, or their collective incomes. However, it would take ALL the trustees’ signatures on the trust deed and note to apply for a loan against the property, regardless of whose income/assets are used to qualify.
August 24, 2010 at 9:09 PM #596731UCGal
ParticipantI don’t know about the Mavourneen being more loaded than Maureen… didn’t Maureen marry one of the founders of Jack in the Box? Maybe Mavourneen is richer… don’t know.
August 24, 2010 at 9:09 PM #596308UCGal
ParticipantI don’t know about the Mavourneen being more loaded than Maureen… didn’t Maureen marry one of the founders of Jack in the Box? Maybe Mavourneen is richer… don’t know.
August 24, 2010 at 9:09 PM #595676UCGal
ParticipantI don’t know about the Mavourneen being more loaded than Maureen… didn’t Maureen marry one of the founders of Jack in the Box? Maybe Mavourneen is richer… don’t know.
August 24, 2010 at 9:09 PM #595769UCGal
ParticipantI don’t know about the Mavourneen being more loaded than Maureen… didn’t Maureen marry one of the founders of Jack in the Box? Maybe Mavourneen is richer… don’t know.
August 24, 2010 at 9:09 PM #596417UCGal
ParticipantI don’t know about the Mavourneen being more loaded than Maureen… didn’t Maureen marry one of the founders of Jack in the Box? Maybe Mavourneen is richer… don’t know.
August 24, 2010 at 10:39 PM #596502CA renter
Participant[quote=UCGal]I don’t know about the Mavourneen being more loaded than Maureen… didn’t Maureen marry one of the founders of Jack in the Box? Maybe Mavourneen is richer… don’t know.[/quote]
Maureen and Mavourneen? Seriously?
It doesn’t sound like it affected them negatively, though. 😉
August 24, 2010 at 10:39 PM #595761CA renter
Participant[quote=UCGal]I don’t know about the Mavourneen being more loaded than Maureen… didn’t Maureen marry one of the founders of Jack in the Box? Maybe Mavourneen is richer… don’t know.[/quote]
Maureen and Mavourneen? Seriously?
It doesn’t sound like it affected them negatively, though. 😉
August 24, 2010 at 10:39 PM #596816CA renter
Participant[quote=UCGal]I don’t know about the Mavourneen being more loaded than Maureen… didn’t Maureen marry one of the founders of Jack in the Box? Maybe Mavourneen is richer… don’t know.[/quote]
Maureen and Mavourneen? Seriously?
It doesn’t sound like it affected them negatively, though. 😉
August 24, 2010 at 10:39 PM #596393CA renter
Participant[quote=UCGal]I don’t know about the Mavourneen being more loaded than Maureen… didn’t Maureen marry one of the founders of Jack in the Box? Maybe Mavourneen is richer… don’t know.[/quote]
Maureen and Mavourneen? Seriously?
It doesn’t sound like it affected them negatively, though. 😉
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