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Actually that was exactly what I was talking about because you haven't sold the house and by the time you do sale the house the contract would have expired long ago. But yea it might not work for you. I do like thebesthouses response, consult an attorney

Hey I’m looking for local sites like craigslist.com and in utah KSL.com – classified section. Something simple, and local. Do you know of any sites like that in your area other than craigslist. Something you or someone you know uses on almost a daily basis.

There is another way to sell the property, but not sell it. ;) It gets you away with out paying a commission and allows you to get full price for your house or more than what you are asking.

If you want to know more please email me (my information is below).

All I'm saying here is that the US code isn't the law but an interpretation of the law.

TN-Apprentice I agree with you.

If you the other person who is seeing their attorney he/she can in fact dissolve the trust so yes if you remain the only beneficiary then you can run into some issue along the way. However you can place a second, third, fourth, whatever beneficiary in the trust and as long as that other beneficiary is more than "arms length apart" then you should be safe but again a attorney might be able to dissolve the trust. Now if we go on to the LLC, yes in fact if you transfer title to the LLC it does create a violation of the DOSC. Now if you put a property into a Inter Vivos Land Trust and then assign your LLC as a beneficiary then your trust is basically a dry trust already and provides no protection.

I know I'm rambling a bit here but yes the best protection would be for an LLC to be a beneficiary and that would provide the best protection. Beyond that the trustee, to provide even more protection should be a corporation (preferably by me a 3rd party non-profit corporation). Even more protection would be an out of State Corporation. Now I know that I've rambled a bit here but I agree that a Inter Vivos Land Trust is not bullet proof but it'll deter most problems.

But by far talk with your attorney they should be able to provide you with an asset protection plan that is full proof and if they can’t find another. I do have some information on asset protection form my attorney and they’ve created a really neat program.

I would like to point out that when I said a Land Trust I was specifically talking about an Inter Vivos Title Holdling land trust. Also remember that cognitive rigity gets the best of us and the law (Garn-St Germain Act) states what you said but the it says remains A beneificiary not THE beneficiary so it does allow you not to violate the lenders DOSC

The last thing is remember that the Garn-St Germain Act is the LAW and you shouldn't confuse it with the US Code

The Garn St. Germain Act
When there is a mortgage loan secured by a lien on residential real property containing less than five dwelling units (1, 2, 3, or 4 max.) -- including a lien on the stock of a cooperative housing corporation (a “co-op”) -- no lender can enforce its due-on-sale clause due to any of the following prevalent circumstances:
(1) The creation of a lien (or other encumbrance subordinate to the lender's security instrument) that does not relate to a transfer of rights of occupancy in the property;
(2) The creation of a purchase money security interest for household appliances;
(3) A transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety;
(4) The granting of a leasehold interest of three years or less* not containing an option to purchase
(5) A transfer to a relative resulting from the death of a borrower;
(6) A transfer where the spouse or children of the borrower would become owners of the property;
(7) A transfer resulting from a decree of dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property
(8) A transfer of the borrower’s property into an inter vivos trust in which the borrower is and remains a beneficiary and which [trust agreement] does not relate to a transfer of rights of occupancy in the property; or
(9) Any other transfer or disposition described in regulations prescribed by the Federal Home Loan Bank Board.

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And that is the LAW

Whatever you do, do NOT transfer the title to a LLC, or Corporation, or another entity/person. Why? Because it does violate the lenders DOSC and they may, or may not, enforce their DOSC. But regardless it does defiantly violate the DOSC. Now when setting up an LLC do be aware that if it is penetrated they have access to everything in it.

The only way to avoid the DOSC and PROTECT the property is to place it into an Inter Vivos Land Trust.

The best possible advice I can give you is to talk with an attorney about asset protection. I know of one here that provides complete asset protection, and their system is pretty neat. If you’re interested in what they do let me know and I’ll email you their information. At the very least you can take it to your own attorney and ask him/her about the program.

Travis

For your own, and your properties protection I would suggest putting the property into your own Inter Vivos Land TrustHow close is your relative to you, meaning. Is it your brother, sister, cousin, etc. Depending on how close this relative is to you, you may want to consider putting the house into a land trust This would provide you with:
Privacy as to who the beneficiaries are
Would avoid the DOSC
Would protect the property from liens, suits, and judgments
Simple eviction in the case that your relative defaulted

There are many other benefits to placing it into a trust and depending on how to trust is setup you could give the tax benefits to your relative

A lease option wouldn’t allow for this and it is pretty easy to do. The last thing would be if your relative is an immediate relative you would want at least one other person, or entity in the trust for more protection.

If you have any questions about how you can do this, please email me and I’ll tell you how.

Travis
[email protected]

TonyS I�m glad you asked 

There is a little secret that no one wants you to know. I�m going to shout it for the whole world to hear. Every loan out there is 100% assumable with out lender knowledge or permission, pretty cool huh. The exception to this is some state and federal sponsored loans, which are 100% assumable after the first year. As far as the DOSC yes that is a concern and yes the lender can call their note due, and they will. It is even a violation of the DOSC to transfer title of the property to your own LLC and some banks will call the note due.

There is only one way to stop the DOSC and the banks are stopped by Federal Law. This is also the only way to keep all parties private, protect the title from liens, suits, and judgments. I know how and would be more than willing to share. Email me and we�ll talk about my exit strategy.

Travis

Your county Hall of Records may have their own webservice that you can check from your house. It'll probably cost you something but it gets updated as quickly as the actuall computers at the Hall of Records

This is for you and your fiancee to live in for a couple of years first, right?