Deed of Trust

Archive for August, 2010

Question: What do all these deeds of trust/reconveyance/successor trustee, etc. mean?

This is for one little rambler, since 1997 til now, 18 different listings on the recorder's office for the current occupant. What did the owner do to have 18 different listings in 13 years?

Answer: 3 deeds

7 mortgages

2 substitute trustee for a Deed of Trust

1 assignment of a dot

5 releases of the dot

What Happens When Your Home Sells at Trustee Sale

Question: If a house is purchased in a foreclosure auction, what happens to the other liens?

A neighbor's house is up for auction (foreclosure). The lender has a Deed of Trust, there's a lien for the plumber, and a Deed of Trust for some business loan. When the foreclosure auction happens, what happens to the business loan Deed of Trust and the plumber's lien?

Answer: they will be released but when geting this home get a title policy for yourself as well

90 seconds at 9am: FAI Money to stop taking new money; Petrol price spike; Greek warning

Question: california Deed of Trust with assignment of rents?

I loaned someone [Trustor] $100,000 and obtained a promissory note payable to me and obtained a Deed of Trust with Assignment of Rents on certain property [house] and had it recorded in the County where the property is located.
Upon a sale, are my rights to collect above or below a financial institution that has loaned the borrower a "second mortage"?

Answer: It does not matter if you are an institution or private individual, the deed that was recorded first determines if it is a 1st or 2nd Trust Deed.

Now about a payoff all trust deeds and liens are payed off unless one or more subordinate to the new mortgage. Again who owns the Trust Deed does not matter.

If the property is sold again all the trust deeds and liens are paid off and it does not matter if it is a private party or an institution. The title company's job is to ensure that a clean title is issued to the new owner.

For a refinance or purchase the escrow closing agent will send you a request for a demand of which you have to send a signed demand back to the escrow closing agent.

Therefore you want to make sure that your address on the Trust Deed is current. As a matter of fact you should make sure that your Trust Deed is properly recorded by getting a title report from a title company. You may call one that is listed in your local telephone book. Just tell them you are checking on a Deed of Trust that should be recorded in your name against a certain address.

You are not collecting on your deed now? Or is all the interest and principle due at a certain time.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Buying a Home in California