InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] In a real pinch try.... Posted by Ward-CA- on March 09, 2002 at 8:05 AM In Reply to: Note gone missing... posted by Alfred, Trainee on March 08, 2002 at 3:00 AM : Hey Uncle Ward, : Latest developments: I have this junior bene who wants to sell me his 27.8K note for a very good price. He doesn't have the original promissory note and says he doesn't ever remembering seeing or having one. He's turned his apartment upside down looking for it. The escrow company is gone and out of business. Real estate agent can't be located (don't think she could be of any help anyway). The junior bene's exwife says she doesn't have it and he can't go over to her place and look for it because in his words "she is on the warpath with him" and I now find out she put a restraining order out on him and he can't come within 25 feet of her or her home. He won't give me her phone number so that I can call her and try to find the note. The trustors marriage is on the rocks and the husband has been gone for months and the wife is packing up and vacating the house so the house is going to be abandoned. They don't have a copy of the promissory note or are just not willing to cooperate. Wow! this is like a bad movie. This juicy note is just sitting there waiting to be plucked and I can't get at it. I ain't giving up. Any suggestions as to what tack I should take next? =•=•=•=•=•=•=•=•=•=•= Alfred, you might have the selling bene declare in an Affidavit of Missing Document, under penalty of perjury, the terms of the missing promissory note and explain that the note is irretrievably lost. Then in advance of its payoff, have the selling beneficiary substitute himself in as the current trustee of the trust deed and issue the deed of reconveyance (all one combined form) over his notarized signature. Now buy the loan and record your assignment of the trust deed. You will hold the note affidavit (in lieu of the promissory note) and the reconveyance of the trust deed. If you have to foreclose you have the note affidavit and when the note is paid off you can issue a recordable reconveyance. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hey Uncle Ward, : : Latest developments: I have this junior bene who wants to sell me his 27.8K note for a very good price. He doesn't have the original promissory note and says he doesn't ever remembering seeing or having one. He's turned his apartment upside down looking for it. The escrow company is gone and out of business. Real estate agent can't be located (don't think she could be of any help anyway). The junior bene's exwife says she doesn't have it and he can't go over to her place and look for it because in his words "she is on the warpath with him" and I now find out she put a restraining order out on him and he can't come within 25 feet of her or her home. He won't give me her phone number so that I can call her and try to find the note. The trustors marriage is on the rocks and the husband has been gone for months and the wife is packing up and vacating the house so the house is going to be abandoned. They don't have a copy of the promissory note or are just not willing to cooperate. Wow! this is like a bad movie. This juicy note is just sitting there waiting to be plucked and I can't get at it. I ain't giving up. Any suggestions as to what tack I should take next? : =•=•=•=•=•=•=•=•=•=•= : Alfred, you might have the selling bene declare in an Affidavit of Missing Document, under penalty of perjury, the terms of the missing promissory note and explain that the note is irretrievably lost. : Then in advance of its payoff, have the selling beneficiary substitute himself in as the current trustee of the trust deed and issue the deed of reconveyance (all one combined form) over his notarized signature. : Now buy the loan and record your assignment of the trust deed. You will hold the note affidavit (in lieu of the promissory note) and the reconveyance of the trust deed. If you have to foreclose you have the note affidavit and when the note is paid off you can issue a recordable reconveyance. 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2002, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455