@Brent Bechtel The first thing you need to be aware of is the "Due on Sale" clause in almost every mortgage, which essentially says that if you transfer the title to the property without the consent of the lender, then the lender can call your entire loan amount due.

He does not have the authority to manage the Association without the Association's consent. 

Actually, all of my properties are in the same revocable trust.

This is acceptable by all Fannie Mae and Freddie Mac lenders as long as the trust is a revocable trust.

These can also be predatory lending issues, so my advice, regardless of how great it seems is not to do such a loan.A financing agreement, note, contract, sub-2, wrap whatever, is a unilateral contract, this is contract law applicable in all states, such a contract cannot be assigned by a borrower without specific consent of the lender.

The question was actually about putting it in a land trust, which is different than a revocable (living) trust.

Ask them for the fax number or email for where you can send the applicant's signed consent.

They might be doing a loan modification or filing bankruptcy to stop the foreclosure action.With a pre-foreclosure you have to have the owners consent and they sell the property to you.

This subsection does not apply to a lien or encumbrance placed on the property that is:(1) placed on the property because of the conduct of the purchaser;(2) agreed to by the purchaser as a condition of a loan obtained to place improvements on the property, including utility or fire protection improvements; or(3) placed on the property by the seller prior to the execution of the contract in exchange for a loan used only to purchase the property if:(A) the seller, not later than the third day before the date the contract is executed, notifies the purchaser in a separate written disclosure:(i) of the name, address, and phone number of the lienholder or, if applicable, servicer of the loan;(ii) of the loan number and outstanding balance of the loan;(iii) of the monthly payments due on the loan and the due date of those payments; and(iv) in 14-point type that, if the seller fails to make timely payments to the lienholder, the lienholder may attempt to collect the debt by foreclosing on the lien and selling the property at a foreclosure sale;(B) the lien:(i) is attached only to the property sold to the purchaser under the contract; and(ii) secures indebtedness that, at no time, is or will be greater in amount than the amount of the total outstanding balance owed by the purchaser under the executory contract;(C) the lienholder:(i) does not prohibit the property from being encumbered by an executory contract; and(ii) consents to verify the status of the loan on request of the purchaser and to accept payments directly from the purchaser if the seller defaults on the loan; and(D) the following covenants are placed in the executory contract:(i) a covenant that obligates the seller to make timely payments on the loan and to give monthly statements to the purchaser reflecting the amount paid to the lienholder, the date the lienholder receives the payment, and the information described by Paragraph (A);(ii) a covenant that obligates the seller, not later than the third day the seller receives or has actual knowledge of a document or an event described by this subparagraph, to notify the purchaser in writing in 14-point type that the seller has been sent a notice of default, notice of acceleration, or notice of foreclosure or has been sued in connection with a lien on the property and to attach a copy of all related documents received to the written notice; and(iii) a covenant that warrants that if the seller does not make timely payments on the loan or any other indebtedness secured by the property, the purchaser may, without notice, cure any deficiency with a lienholder directly and deduct from the total outstanding balance owed by the purchaser under the executory contract, without the necessity of judicial action, 150 percent of any amount paid to the lienholder.

If you decide to go through with it without permission from your broker and not through his brokerage then you would be issued a $5000 to $10000 fine plus revocation of license.