InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Blanket trust deed application... Posted by Ward-CA- on May 25, 2003 at 10:52 AM In Reply to: One Loan Secured by Multiple Trust Deeds posted by Robert Elbinger on May 25, 2003 at 6:27 AM : I am writing a loan secured by two deeds of trust. Should I put any language in the deeds of trust to claim the right to foreclose on the properties in any order I choose, or is that right automatic in California? : Robert Elbinger =•=•=•=•=•=•=•=•=•=•=•= Robert, Customarily you’d use one deed of trust (a “blanket” deed of trust) wherein the two different legal descriptions are recited that secures the payment on one promissory note. Thus you don’t have to go through the expense of recording two trust deeds nor the expense and time of conducting two different foreclosures in the event of non-payment on the promissory note. California law allows the property owner to specify the order of sale of the secured properties described in the foreclosing blanket trust deed. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I am writing a loan secured by two deeds of trust. Should I put any language in the deeds of trust to claim the right to foreclose on the properties in any order I choose, or is that right automatic in California? : : Robert Elbinger : =•=•=•=•=•=•=•=•=•=•=•= : Robert, : Customarily you’d use one deed of trust (a “blanket” deed of trust) wherein the two different legal descriptions are recited that secures the payment on one promissory note. : Thus you don’t have to go through the expense of recording two trust deeds nor the expense and time of conducting two different foreclosures in the event of non-payment on the promissory note. : California law allows the property owner to specify the order of sale of the secured properties described in the foreclosing blanket trust deed. : 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

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 © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

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