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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: seller foreclosure Posted by Ward-CA- on July 07, 2001 at 8:45 PM In Reply to: seller foreclosure posted by Ray Way on July 05, 2001 at 10:36 PM : I have a deed of trust on my home which was sold in CA escrow closed on April 17, 2001. The payment on the deed of Trust was to be paid in full by June 1, 2001. I called my trustee and because this note says it is subject to Section 2966 of the civil code I must give this person 90 days notice before I can foreclose. How can one have to give 90 day notice on a payment that was to be paid in full 53 days after the date of the note April 9, 2001? No one seems willing to answer me . If I must write this notification I am told I have to tell them they have an extra 90 days . How would I word this? The house is apparently in escrow but every week they say it has been submitted for approval? I feel as if they should be notified as soon as possible. =•=•=•=•=•=•=•=•=•=•=•= Ray, I have dealt with lots of notes and deeds of trust and was certain that you were exempt from the 90 day notice requirement of your balloon date if your note was written for less than one year. So I checked CC§2966 (see below) and verified for myself that it only applies for secured notes written to balloon all due some time longer than a year. Therefore your note is exempt from the application of the 90 day notice requirement. So I would substitute your trustee for another who will follow the dictates of CC§2966 and initiate your foreclosure action. 2966. (a) In a transaction regulated by this article, which includes a balloon payment note when the term for repayment is for a period in excess of one year, the holder of the note shall, not less than 90 nor more than 150 days before the balloon payment is due, deliver or mail by first-class mail, with a certificate of mailing obtained from the United States Postal Service, to the trustor, or his or her successor in interest, at the last known address of such person a written notice . . . Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : I have a deed of trust on my home which was sold in CA escrow closed on April 17, 2001. The payment on the deed of Trust was to be paid in full by June 1, 2001. I called my trustee and because this note says it is subject to Section 2966 of the civil code I must give this person 90 days notice before I can foreclose. How can one have to give 90 day notice on a payment that was to be paid in full 53 days after the date of the note April 9, 2001? No one seems willing to answer me . If I must write this notification I am told I have to tell them they have an extra 90 days . How would I word this? The house is apparently in escrow but every week they say it has been submitted for approval? I feel as if they should be notified as soon as possible. : =•=•=•=•=•=•=•=•=•=•=•= : Ray, I have dealt with lots of notes and deeds of trust and was certain that you were exempt from the 90 day notice requirement of your balloon date if your note was written for less than one year. So I checked CC§2966 (see below) and verified for myself that it only applies for secured notes written to balloon all due some time longer than a year. Therefore your note is exempt from the application of the 90 day notice requirement. : So I would substitute your trustee for another who will follow the dictates of CC§2966 and initiate your foreclosure action. : : 2966. (a) In a transaction regulated by this article, which : includes a balloon payment note when the term for repayment is for a : period in excess of one year, the holder of the note shall, not less : than 90 nor more than 150 days before the balloon payment is due, : deliver or mail by first-class mail, with a certificate of mailing : obtained from the United States Postal Service, to the trustor, or : his or her successor in interest, at the last known address of such : person a written notice . . . 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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