Posts Tagged ‘foreclosure’
Deed Of Trust Foreclosure
April 23rd, 2011
Question: What does this mean under tenant rights?
When property is sold in foreclosure
state law provides that a tenant in possession of a rental housing unit at the time a property is sold in foreclosure shall be given 60 days’ written notice to quit before the tenant may be removed from the property. *****However, if your lease was signed before the Deed of Trust or mortgage was recorded, your lease will not be set aside by the foreclosure.***** (what does this part mean?)
Answer: WRG's answer is correct, but I wanted to add that this law is now irrelevant. A federal law was signed last May that makes it so that leases always survive foreclosure and if you are on a month-to-month lease or one of a few exceptions apply, you have to be given 90 days notice before eviction can begin.
Show Me The Loan Seminar July 10-11 2010 Tape 1 pt 1 of 5
Trust Deed And Mortgage
June 25th, 2010
Question: My mortgage company says my Deed of Trust was never recorded. Now what?
I purchased my home in 2004. The mortgage company just sent a Fed Ex package which is my "purchase Money Deed of Trust." They are saying it was never recorded and needs to be signed by me. They already have signed it.
Is there any reason I should be signing this at this late point in time? If it was never recorded, that's actually a bonus for me, correct? Meaning they don't have the rights to my deed if I default, yes? Legally, am I obligated to sign this if it was their mistake that they never recorded/filed it?
I have a 30-year mortgage, and am in my 5th year of the mortgage, so I am technically not the owner of the home. My mortgage company is.
Answer: Meaning that the lien is not a public record. Meaning any attempt to re-fi it will be a mess. Meaning the note is still in effect.
Meaning that it was a mistake; and fixing it quickly is your best move.
For the uninformed below; a Deed of Trust is another name for a mortgage instrument; not the fee simple deed that transfers the interest into the owner.
You still own the house; the trustor has a lien on the property in the amount of the note you signed,
Trust Deed Investment | Mortgage Pool
Posted in Deed of Trust Real Estate | 
Tags: deed, difference between trust deed and mortgage, estate, foreclosure, mortgage, trust | 
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Deed Of Trust Ca
May 1st, 2010
Question: if my home loan was never recorded 2 yrs ago; can i just walk away??
the new lender never recorded the Trust Deed (ca). the old loan was paid off; but it still appears as the trustee name on the tax records.
of course they will hit my credit; but if nothing was ever recorded; cant i just get a lawyer or credit specialist to fight it/ fix it....since w/o being recorded they have no recourse.
fyi; ca is a non recourse, non judicial state...meaning they cant come after any personal stuff (assets/wages/ect)besides the home.
Answer: No, you can't just walk away. Recording the loan only puts others on notice of its existence. Not recording it does not make it invalid, it just doesn't put others with an interest in your property subject to it's priority if you were to default. Since you have actual knowledge of the loan you can't use this to escape your liability.
Even if your loan is not recorded it is still a legal contract and represents a liability you owe. If you walk away you could be sued for the balance of the loan and any other contract damages that are foreseeable. If the lender obtains a judgment they may not be able to execute against your property through foreclosure but they can still execute the judgment against anything that is subject to a judgment, including the home. I
This is much more than just an issue with ruining your credit. It is about protecting all the assets you own against a judgment lien. Get some advice from a lawyer on whether the loan is valid. If it isn't, don't walk away but get a court to declare that you don't owe the debt and record that judgment in your property title. But if the loan is valid and you are not bankrupt and can pay it, pay what you agreed to pay, as you ethically and legally are obligated to do.
2. California Trust Deed Investing: Trust Deed Investment Basics