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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Times involved prior to recording a Notice of Recission Posted by Ward-CA- on January 17, 2002 at 7:32 PM In Reply to: Default recission posted by Jim- CA on January 14, 2002 at 9:22 AM : Does a trustee have a legal obligation to record a default recission or is it voluntary? If required, it must be safe to assume loan is still in default with the clock ticking if no recission is recorded. : Thanks, Jim-CA =========================== Jim, yes, in CA the foreclosing trustee has a legal obligation [Civil Code Section 2924c(a)(2)] to record a Notice of Recission of a Notice of Default. The recipient of the reinstatement monies is required to give notice to the foreclosing trustee within 21 days, of receipt of the reinstatement amount. The trustee is required to then record a Notice of Recission, within 30 days of the receipt of the notice, that the reinstatement was made. Hope you can appreciate that the Notice of Recission might not be recorded for about 50 days after the reinstatement was made, due to the combined number of days the different parties can take in first notifying the trustee and then the time the trustee can take in recording the Notice of Recission. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Does a trustee have a legal obligation to record a default recission or is it voluntary? If required, it must be safe to assume loan is still in default with the clock ticking if no recission is recorded. : : Thanks, Jim-CA : =========================== : Jim, yes, in CA the foreclosing trustee has a legal obligation [Civil Code Section 2924c(a)(2)] to record a Notice of Recission of a Notice of Default. The recipient of the reinstatement monies is required to give notice to the foreclosing trustee within 21 days, of receipt of the reinstatement amount. The trustee is required to then record a Notice of Recission, within 30 days of the receipt of the notice, that the reinstatement was made. : Hope you can appreciate that the Notice of Recission might not be recorded for about 50 days after the reinstatement was made, due to the combined number of days the different parties can take in first notifying the trustee and then the time the trustee can take in recording the Notice of Recission. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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