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- Thanks for your input Xenia
I actually went in very blind and naive to trust structures and how they opperate I also had a man behind me whom I thought I could trust of whom obviously took total advantage of me and my trust for him, hense the reason I was trustee! This man made me believe he could be removed quite simply as principal and for him to remove me as trustee would be difficult as I found out later to be totally untrue!
While I don't have a second mortgage over these properties these loans were held in my name as trustee for and made majority of the payments through my bank account.
As I stand now one property I still pay the mortgage for and another I no longer pay mortgage have my name on the land titles, but as the trust are owners of these I have no rights to sell nor to have any income these may produce.
I have just been sent a deed from their legal reps for me to sign to agree to make no claims for what I'm owed from them in the future but only then after I sign one of these properties over to them and the deed will they sign the property over I am in, and I can tell you it's the worst property out of the lot, and the location is not much better
thanks again for your eyes and thoughts!!!I believe majority of investors are disapointed in their purchases here, as lots are still untenanted.
thanx for your time
Thank you both for the information given, greatly appreciated and will follow it up with legal advise.
thanks heaps
Kyliethanx for your time
Viewing 3 posts - 1 through 3 (of 3 total)
