Re: Might be a little late for that.

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Posted by Jim V on June 29, 2003 at 00:56:46:

In Reply to: One Second --- what about Jay putting it in a trust to ... posted by Ark on June 28, 2003 at 22:09:01:

: Hello,

: This was such a nice thread I just had to ask, Wouldn't Jay putting the house in a trust naming himself as beneficiary and appointing a trustee help in the sense that if there was to be a bankruptcy filed that it could be filed in the name of the trust and not the name of Jay, and if so even if the trust didn't file BK, and the home foreclosed wouldn't Jay's personal credit be protected since he is now simply a beneficiary?

: Just wanted to add my 3 cents ... LOL
: Ark

Ark,

Assuming Jay took title and received the loan in his name at the time of purchase, which is what most purchasers do, there really isn't much that can be done after the fact to protect credit.

If the property was purchased by a trust, or if the property was transferred into a trust perhaps a year ago, some argument could be made that the property was actually transferred and Jay(along with his credit) shouldn't be liable. With the short time frame, I wouldn't consider "trusting" a viable option.

Just my .02, always willing to learn.

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: : Hello, 





: : This was such a nice thread I just had to ask, Wouldn't Jay putting the house in a trust naming himself as beneficiary and appointing a trustee help in the sense that if there was to be a bankruptcy filed that it could be filed in the name of the trust and not the name of Jay, and if so even if the trust didn't file BK, and the home foreclosed wouldn't Jay's personal credit be protected since he is now simply a beneficiary?





: : Just wanted to add my 3 cents ... LOL


: : Ark





: Ark,





: Assuming Jay took title and received the loan in his name at the time of purchase, which is what most purchasers do, there really isn't much that can be done after the fact to protect credit.





: If the property was purchased by a trust, or if the property was transferred into a trust perhaps a year ago, some argument could be made that the property was actually transferred and Jay(along with his credit) shouldn't be liable.  With the short time frame, I wouldn't consider "trusting" a viable option.





: Just my .02, always willing to learn.








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