02-25-2011 10:48 AM
We're buying a house and I was wondering what can I do so that our names do not show in any public records. I really do not like when you can go to certain websites and have all sorts of sensitive information available about myself if you pay $$. So I'm trying to think of ways to keep our names out of any public records. I figured buying a house under a trust would do this? Correct me if I'm wrong.
Other questions I have are:
(1) Wouldn't the loan be recorded under our names? Thus, someone could trace from the property, to the loan, to our names?
(2) How hard is it to buy under the trust? Do loan agents care?
I'm thinking a simple revocable trust with both my wife and myself as trustees.
I'm not looking for legal advice, just for your experience and knowledge. Thanks for any input.
02-25-2011 12:12 PM
I doubt if a lender will issue a mortgage to a trust. I'm sure there are cases where it can be done but not without trust income/assets that would comply to a lenders requirements. Perhaps a hard money lender would agree to something that will be off the public records. A hard money lender would expect a significant down payment perhaps 40% and offer a higher interest rate around 8%.
You can buy a home and move the property to a trust after closing.
Public records are public. That means the documents that show the transfer of property to the trust will show up publicly. Your names will show up on public records.
02-25-2011 03:09 PM
You would be buying the property in the name of the ABC Family Trust. The loan documents, deeds, etc would all be in the name of the ABC Family Trust. Lenders do not have an issue with this, however you may need to supply your entire trust documentation to the lender (talk about a full body scan being intrusive....that's nuthin) for them to review the legality of the trust.
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03-14-2011 12:20 AM - last edited on 03-23-2011 10:22 AM by Jessen
If planning to buy a house that should be a trusted name. I have been looking for an apartment in Newyork city. And came across an upcoming township which offereed all the necessary amenities.