On Sun, 26 Dec 2004 06:07:15 CST, "Jason W. Richardson, Esq., CPA"
<nospam[at]nospam.com> wrote:

-snip-
- quote -

Thanks all for the info. As I said before will be contacting the
lawyer after New Years. Need to change the wording as this is also
affecting my daughters credit.

Bill

Be careful that you always get the lienholder's written permission to
transfer a mortgaged property as MTW suggests, otherwise you may trigger the
"due on sale" clause that is likely in your mortgage documents. Most
lenders have no problem with this because they have your personal guaranty.
Just get this in writing to avoid a potential hassle later on down the road.
Take this from someone who's had to clean up a mess or two in this
situation.

Shouldn't matter how the property is titled - if you have clear title and
you give the personal guaranty there shouldn't be a problem (presupposing
you qualify).

Tell the lawyer the property should be in the name of the revocable trust,
but (apparently) its not.

Jason

Attorney
CPA
Sherman
TX

"MTW" <mtwingcpa[at]yahoo.com> wrote in message
news:335qb4F3skunmU1[at]individual.net...
- quote -

WeathermanBill wrote:

- quote -

Assuming that what you've set up is a typical revocable "living
trust," it is true that some lenders are unwilling to write loans
against properties with that title. The solution, apparently, is
to retitle the house in your own names (without the trust
reference) before obtaining the loan. Then, after the mortgage
company has "recorded" their interest in the property, you
retitle it back to the living trust. Voila!

This waste of time apparently assures the lender that their
security interest is in "first position."

Another possible course of action would be to shop for another
mortgage company.

MTW

On Sat, 25 Dec 2004 10:40:52 CST, "Elizabeth Richardson"
<erichktn[at]worldnet.att.net> wrote:


- quote -

That's the exact problem I am having with the lenders. The trust is
revocable. Will be seeing the lawyer that did the trust after New
Years so would appreciate any input of how to reword the deed. The
first question I will have for the lawyer is why wasn't it worded per
the trust name. That seemed good enough for the other accounts (IRA,
Bank accts etc)

Bill

cornstarch
neonate stock (chicken, or turkey stock is fine)
garlic
parsley
fresh cracked black pepper

Season and sauté the cutlets in olive oil till golden brown, remove.
Add the garlic and onions and cook down a bit.
Add some lemon juice and some zest, then de-glaze with stock.
Add a little cornstarch (dissolved in cold water) to the sauce.
You are just about there, Pour the sauce over the cutlets,
top with parsley, lemon slices and cracked pepper.
Serve with spinach salad, macaroni and cheese (homemade) and iced tea...



Spaghetti with Real Italian Meatballs

If you don?t have an expendable bambino on hand,
you can use a pound of ground pork instead.
The secret to great meatballs, is to use very lean meat.

1 lb. ground flesh; human or pork
3 lb. ground beef
1 cup finely chopped onions
7 - 12 cloves garlic
1 cup seasoned bread crumbs
½ cup milk, 2 eggs
Oregano
basil
salt
pepper
Italian seasoning, etc.
Tomato gravy (see index)
Fresh or at least freshly cooked spaghetti or other pasta

Mix the ground meats together in a large bowl,
then mix each of the other ingredients.
Make balls about the size of a baby?s fist
(there should be one lying around for reference).
Bake at 400°for about 25 minutes -
or you could fry them in olive oil.
Place the meatballs in the tomato gravy, and simmer for several hours.
Serve on spaghetti.
Accompany with green salad, garlic bread and red wine.



Newborn Parmesan

This classic Sicilian cuisine can easily be turned into Eggplant Parmesan
If you are planning a vegetarian meal. Or you could just as well use veal -
after all, you have to be careful - Sicilians are touchy about their young
family members...

6 newborn or veal cutlets
Tomato gravy (see index)
4 cups mozzarella, 1cup parmesan, 1cup romano
Seasoned bread crumbs mixed with
parmesan
romano
salt
pep

stock
2 sticks butter
3 tablespoons oil

First stuff the heads, or make the patties (see index)
then fry or bake.
Set aside to drain on paper towels.
Make a roux with butter, oil and flour,
brown vegetables in the roux, then add chicken stock and
allow to simmer for 20 minutes.
Add the patties or stuffed heads, and some loose crawfish,
lobster, long piglet, or what have you.
Cook on low for 15 minutes, then allow it to set for at least
15 minutes more.
Serve over steamed rice; this dish is very impressive!



Stuffed Cabbage Rolls

Babies really can be found under a cabbage leaf -
or one can arrange for ground beef to be found there instead.

8 large cabbage leaves
1 lb. lean ground newborn human filets, or ground chuck
Onions
peppers
celery
garlic
soy sauce
salt pepper, etc
Olive oil
breadcrumbs
Tomato Gravy (see index)

Boil the cabbage leaves for 2 minutes to soften.
In skillet, brown the meat in a little olive oil,
then add onions, peppers, and celery (all chopped finely)
and season well.
Place in a large bowl and cool.
Add seasoned breadcrumbs and a little of the tomato gravy,
enough to make the mixture pliable.
Divide the stuffing among the cabbage leaves then roll.
Place seam down in a baking pan.

reaches 160°.



Cajun Babies

Just like crabs or crawfish, babies are boiled alive!
You don?t need silverware, the hot spicy meat comes off in your hands.

6 live babies
1 lb. smoked sausage
4 lemons
whole garlic
2 lb. new potatoes
4 ears corn
1 box salt
crab boil

Bring 3 gallons of water to a boil.
Add sausage, salt, crab boil, lemons and garlic.
Drop potatoes in, boil for 4 minutes.
Corn is added next, boil an additional 11 minutes.
Put the live babies into the boiling water and cover.
Boil till meat comes off easily with a fork.



Oven-Baked Baby-Back Ribs

Beef ribs or pork ribs can be used in this recipe,
and that is exactly what your dinner guests will assume!
An excellent way to expose the uninitiated to this highly misunderstood
yet succulent source of protein.

2 human baby rib racks
3 cups barbecue sauce or honey glaze (see index)
Salt
black pepper
white pepper
paprika

Remove the silverskin by loosening from the edges,
then stripping off.
Season generously, rubbing the mixture into the baby?s flesh.
Place 1 quart water in a baking pan, the meat on a wire rack.
Bake uncovered in 250° oven for 1½ hours.
When browned, remove and glaze,
return to oven and bake 20 minutes more to form a glaze.
Cut ribs into individual pieces and serve with extra sauce.



Fresh Sausage

If it becomes necessary to hide the fact that you are eating
human babies, this is the perfect solution.
But if you are still paranoid, you can substitute pork butt.

5 lb. lean chuck roast
3 lb. prime baby butt
2 tablespoons each:
salt
black, white and cayenne peppers
celery salt
garlic powder
parsley flakes
brown sugar
1 teaspoon sage
2 onions
6 cloves garlic
bunch green onions, chopped

Cut the children?s butts and the beef roast into pieces
that will fit

- quote -

It's the life estate, and the remainder that are the issue. That means the
property isn't in the trust. It's a way of holding title so that the real
estate automatically passes to the daughter. It's sort of like a joint
tenancy between generations. Lenders have problems with this sort of title,
particularly because it's further clouded by the trust language.

Elizabeth Richardson

Who did the legal work?

Please don't say you went to Staples and got a do-it-yourself kit.

If you went to an experienced Estate planning lawyer, you should have it
right for where you live, if you went to some one who does the occasional
will, you may have it wrong. No telling from what you said here.

Just because the lender's lawyer doesn't like it, doesn't make it wrong.
Many lenders don't like property in an estate because it clouds ownership in
their mind and [refer it titled in he name of the mortgagee.

"WeathermanBill" <no[at]spam.com> wrote in message
news:H2PMQWlF1Q96RHPKcMzPxUPZPQZ2[at]4ax.com...
- quote -

On Fri, 24 Dec 2004 13:23:14 CST, WeathermanBill <no[at]spam.com> wrote:

- quote -

Lots more information needed, beginning with, is this trust
irrevocable?


-HW "Skip" Weldon
Columbia, SC

Established a trust for my wife and I with our two daughters as
successor trustees. In the process of buying some land and needed to
borrow against the paid up house equity. Bumped against lenders legal
department about the way the deed is worded which is as follows:

"me" and "wife", a life estate with remainder to "2nd
daughter", trustee of the "name" family trust U/D/T dated
"date"

Goggled life estate and from what I understand this is not how I want
to deed the property. Any suggestions on how to fix this when I see
the lawyer??

Bill