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  • Profile photo of amazon196969amazon196969
    Participant
    @amazon196969
    Join Date: 2004
    Post Count: 15
    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!!! 
    Profile photo of amazon196969amazon196969
    Participant
    @amazon196969
    Join Date: 2004
    Post Count: 15

    I believe majority of investors are disapointed in their purchases here, as lots are still untenanted.

    thanx for your time

    Profile photo of amazon196969amazon196969
    Participant
    @amazon196969
    Join Date: 2004
    Post Count: 15

    Thank you both for the information given, greatly appreciated and will follow it up with legal advise.
    thanks heaps
    Kylie

    thanx for your time

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