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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Help with California foreclosure Posted by Gloria Leon on July 11, 2003 at 10:18 AM In Reply to: 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. : > : : __________________________________ : Do you Yahoo!? : SBC Yahoo! DSL - Now only $29.95 per month! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : 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. : : > : : : : __________________________________ : : Do you Yahoo!? : : SBC Yahoo! DSL - Now only $29.95 per month! 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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