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Re: Selecting a trustee to processs a foreclosure.

Posted by Ward-CA- on October 01, 2001 at 6:53 AM

In Reply to: Selecting a Trustee posted by Jim on September 30, 2001 at 9:34 PM

: Given: HOA filed NOD, 1st note trustee filed NOD, investor buys non-performing seller carry-back second, slim to little chance trustor can cure,. Investor must reinstate both defaults to protect position and allow for time to file NOD on his second.

: Question:Is there advantage, disadvantage, good or bad in investor using one of the trustee representing HOA or 1st note?
: Thanks for this forum!

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Jim, check the priority of the HOA lien before reinstating it. I would think it recorded subsequent to the 2nd’s position. If so, you’d be wasting your money curing the foreclosure of a lien that’s junior in priority to your lien. Also most HOA’s liens are processed by the attorney for the HOA. So if you wanted to get closer to the HOA for some reason, and if the attorney didn’t require any upfront deposit from you, then it wouldn’t hurt to use him. Would give you a one-on-one contact with the advisor to the HOA for future reference.

Generally, the beneficiary on a trust deed for an institutional lender is their captive trustee rather than some independent. For example, Serrano Reconveyance Corp. was the wholly owned trustee for Home Savings. So I don’t think they would be willing to process a foreclosure for an outside client. But if they would, it would give you an opportunity to be on a first name basis with an insider in their trustee organization. Not a bad idea for developing such contacts for future help or insight into their organization.

A general rule of thumb is that you don’t want to use any trustee that would require you to post an upfront deposit to initiate a foreclosure. Most traditional trustees, like title companies, routinely require such deposits. So I prefer to use independent trustees, like Trust Deed Services, San Diego Foreclosure Services, and now CRR Trustee Services.

Good luck.


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