Land Trust - does it work?

[bebik22]

What is the name of your state (only U.S. law)? SC
I have an investment property in SC and heading for foreclosure. I been really worried about bank getting deficiency judgment against me. Does any one know if Land Trust works in cases like this. Here is what I found on the web so far about Land Trust:

PRIVACY …No one knows who the real owner is!
The Legal and Equitable property interest is held in the trustee’s name (not you the beneficiary)
Judgments do not attach to the property held in Land Trust
No annual fees like other entities
Ease of operating across state lines

Does this really work?

[seniorjudge]

...
scam
...

[HomeGuru]

Originally Posted by bebik22

What is the name of your state (only U.S. law)? SC
I have an investment property in SC and heading for foreclosure. I been really worried about bank getting deficiency judgment against me. Does any one know if Land Trust works in cases like this. Here is what I found on the web so far about Land Trust:

PRIVACY …No one knows who the real owner is!
The Legal and Equitable property interest is held in the trustee’s name (not you the beneficiary)
Judgments do not attach to the property held in Land Trust
No annual fees like other entities
Ease of operating across state lines

Does this really work?

**A" yes it works but not in your case. In yours, it would be a scam.

[FlyingRon]

I wouldn't call it a scam, it just won't work. Transferring it into a trust won't keep secured property from being foreclosed upon. And you'd still get a deficiency judgment based on the fact that you were the signer to the mortgage. While the land trust may hide who the beneficial owner is, it won't hide who the trustee is and he's the one who'll get served with a legal action.

[seniorjudge]

Originally Posted by FlyingRon

...
I wouldn't call it a scam, it just won't work.
...

Hmmm...that's my definition of scam!

[FlyingRon]

Originally Posted by seniorjudge

Hmmm...that's my definition of scam!

I guess you'd have to decide who the scammer and the scamee would be.