Last night I spoke to a group of real estate investors about the many benefits to using a Land Trust. After my speech, a lady came up to me and said she sure wished she had used a Land Trust to hold title to her personal residence. Of course, I asked, why? She went on to explain that she had some financial difficulties left over from the crash of 2008 and a creditor was pressuring her to pay her debt in full. The creditor looked her up online and found out the value of her house and approximately how much debt was secured against the house. By doing this, the creditor approximated how much equity she had. The creditor called her up, cited the information he had determined and said, Don’t tell me you cannot pay me off because I know how much equity you have in your home! The lady went on to tell me that if she had owned her home in a Land Trust the creditor would not have been able to determine her home’s equity and she would have had a better negotiating ability. As it turned out, she was had.
Of course, she didn’t tell me anything I didn’t already know, but it is always nice to hear the Land Trust advantages from someone else! Too bad some people are not proactive with their real estate protection and wait too long to act. Don’t let this happen to you! Use a Land Trust, now!