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Help with California foreclosure
Posted by Gloria Leon on July 08, 2003 at 3:10 PM
The only thing that I can think of here is that the property
was sold with a wrap-around TD, such that the first was never
payed off, or refinanced. Or maybe the property was never sold,
it is just being rented and it is still in your name. Also for
the last ten years the wrap, or the entity renting the property
has been paying on the first TD. So the bank was none the wiser.
Recently, they stoped paying and your name is still on the loan.
As this was in California I think that you should post the content
of this email to the following board: http://www.foreclosureforum.com/mb/index.html Ward may be able to help. I am not 100% on California law. There
may be some statue that says that the TD goes stale if no one pays
on it for 10+ years. But under these conditions I do not see an
easy out for you. I would strongly suggest that you go the recorders office and
to a full chain, and person, search on the property. There are
many questions that would be answered by this exercise. NAP/nap > But I do not want TWO foreclosures on my credit report for the same
> property. Correct me if I am wrong, but didn't the person who bought my
> house from the second trust deed holder have the obligation to inform the
> first trust deed holder that they were the new owner and make arrangements
> to assume the loan or refinance? Note: this happened in California. The
> guy who bought my property was the president of the Homeowner's Association.
> When I got behind on my HOA payments he called me to tell me that he was
> interested in my unit. I told him that I had just got laid off from my job
> of 10+ years and to make me an offer. He told me that he did not plan on
> giving me any money (despite the fact that I had well over $50,000 in
> equity). He said he would just allow me the privilege of keeping my good
> credit. Obviously, I told him to fly a kite. I hired a real estate agency
> and put the property for sale. The property was sold and in escrow 3 times
> during the following 10 months. Escrow did not close on any of the attempted
> sales even though 2 of the buyer's were pre-qualified. I tried to sell the
> property to a friend with A rated credit who was informed by her bank that
> the reason they would not qualify her loan was because the Homeowner's
> Association had informed them (in writing)that the complex had more renter
> occupied units than it did owner occupied, which was totally not true.
> Unfortunately, the bank did not want to get involved and refused to give me
> a copy of the letter from the HOA due to it was for bank records only. Soon
> after the 2nd Trust Deed holder sent me notice of the foreclosure sale. In
> an attempt to save my home and reorganize myself I filed a BK. The sale
> went on anyway. By the way, the Co. who did the Trustee sale changed the
> date of the actual sale and never gave me any notice. I know because my
> parents went to the sale on the date I was notified it would take place and
> it had already occurred. Fishy ha! Needless to say, the president sent me
> a demand for rent 4 times the amount of my whole mortgage payment. I did
> not pay him and he evicted me. Now, 10 years later I find out that not only
> did he get away with his scam to take my home but now that I have cleared my
> credit he can smear it again. There has to be something I can do? BUT
> WHAT. Sorry about the lengthy e-mail but I REALLY NEED HELP.
>
> Gloria:
>
> When the second TD foreclosed, either the entity doing the
> foreclosure or a third party from auction should have become
> the new owner of the property in question. This new owner
> will receive a trustee's deed, and this document must be
> recorded. You should do a chain of title search down at the
> county recorder's office to see what really happened. Assuming
> that neither the new owner, or yourself payed on the first
> TD, I think that 10 years is a long time. Some states have
> statues that will limit the ability of a holder of a TD to
> foreclosure, or persue monies, based on the note going stale.
> Basicly I would tell the bank to foreclosure, if they still
> have a valid lien.
>
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