Deed of Trust

Archive for December, 2008

Question: How can I add my wife to the warranty deed of my home?

I bought the house while we were engaged and closed on the house a few days after we were married. The title company put her on the Deed of Trust but she is not on the mortgage loan. I would like to add her to the warranty deed of ownership. Can that be done? How?

Answer: The question is why would you want to spend the time and money to do it, besides it being nice for your wife. The truth is, it doesn't really change anything, especially if you are in a community property state - i.e. a state in which property is viewed as belonging equally to married couples.

If you passed away, no matter what state you are in, the deed of the house would be automatically and free of charge changed to your wifes name. Ask a tax advisor, or real estate attorney.

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Question: "I was carrying a second Deed of Trust on a property I sold almost three years ago and recently found out that

the owners moved out, walked away from the house. According to what I can tell there are new owners in the house and the property was sold at a foreclosure sale. How can I collect the $28,000 that I loaned to the first buyers now that the house went into foreclosure?"

Answer: Dear Rdaniels,

You should first check with the County Recorder to determine if you in fact have a valid recorded Deed of Trust against the property. If so and the senior Trust Deed holder (the 1st. T.D.) completed a foreclosure, your interest remains valid and you have a right to conduct your own foreclosure against the property.

Did you have a written promissory note and a recorded Trust Deed? If not, your recourse is personal against the borrowers to whom you loaned the first buyers. It would render your loan unsecured and no liability exists against the new owners.

If foreclosure was commenced by a secured lender junior to your 2nd Mtg., The new owners do not have clear title to the property and you go ahead with your own foreclosure.

Nevertheless, it is my suspicion that your 2nd Mortgage was only in your mind and not properly executed and filed in accordance with the law.

If your preliminary evidence indicates the existence of a valid Trust Deed, turn the matter over to a Trust Deed service company to conduct foreclosure or find a local real estate attorney.

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