All Forum Posts by: Bruce Harn

If I have someone willing to put up their name and credit for a mortgage in exchange for 10% of the profits (and fully aware that they will not have any ownership, rights, or interest in the property; only the 10% agreed upon nin the contract), how do I legally get them to transfer title/deed to myself or my LLC without triggering acceleration/due on sale? I know that by law the lender CANNOT trigger due on sale if someone transfers deed/title to a trust. BUT is there anything saying that said person can or cannot transfer the title/deed into a trust not owned by himself/herself but instead into a trust not someone not related to them? Or if the person transfers title/deed into their own trust account is there anything saying that the said person can or cannot transfer ownership of that same trust account to a person not related to them? Also, is this legal? Please help.

I have a burning desire to find the answer to this problem. If I have a credit partner willing to put up their name and credit for a mortgage in exchange for 10% of the profits from rental income and the eventual sale of the property (and are fully aware that they will have no ownership, rights, or interest in the property other than the 10% agreed upon in the contract) how do I get them to transfer the property to myself or my LLC (preferably the LLC) once the home is closed? I know that even if your lender has a strict due on sale clause, by law they CANNOT trigger acceleration/due on sale when a person transfers title/deed into a trust. BUT, is there anything saying that that said person on title/deed can or cannot transfer that title/deed into a trust not owned by himself/herself but instead a trust belonging to someone else not related to them? Or if the person transfers the title/deed into a trust of their own is there anything saying that a person can or cannot transfer ownership of that same deed to a person not related to them without the lender being notified of these changes? Also, is this legal? Please help.