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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Let your title company in at this point.. Posted by gcastro on July 24, 2003 at 5:56 PM In Reply to: Let your title company in at this point.. posted by Ward-CA- on July 23, 2003 at 6:24 PM Ward, I went to the title company, and they suggested a sub-escrow, to help me with the payoff of the 2nd deed of trust. They said that even tough the deed of trust has the wrong beneficiary, it still holds, since the printed word is what counts. So they told me to find the wrong beneficiary and have them assign their beneficial interest to the real beneficiary. However, since I can't find the wrong beneficiary (Maria Lopez), becouse she has disconected all of her phones and neither I or anybody else, knows her address, I am thinking to go ahead and find a buyer for the property and let the title company worry about fixing the problem when they are in the process of insuring my buyer. In the mean time I save $17,000 (the payoff amount).Would u say this is a good descicion? One thing I do know for sure, and that is: the fact that there is only one true benefiary. : : Ward, I need your experience on this one. : : I just bought a property subject-to, and have recorded my deed on the courthouse. Here is the problem. I am about to pay the reeinstatement figure, as well as pay of the 2nd deed of trust recorded againt the proprty. But after researching the hall of records, I realized that the deed of trust is incorrect,it shows Maria Lopez(person who sold it to me)as the beneficiary, and the beneficiary (Olga Rios)as the Trustee. Either on pourpose or accidentaly. Anyways, the person who claims to be the beneficiary (Olga Rios) attemted to correct such document by recording another document that does not make much sence. It states that Maria Lopez is the Trustee, not trustor and that Olga Rios is the beneficiary. Honestly I don't know who is telling the truth. But Maria Lopez did sign the promissory note in the borrower section. So I don't know who to pay. : : 1) What would you do? : : 2)Should I talk to someone at the Court House or a Title Officer? : : 3)Should I disregard the deed of trust? : =-=-=-==-=-=-=- : Gonzalo, : #1 & #2. Go to your title company and tell them you want to pay them to oversee and coordinate the payoff of the 2nd trust deed and see to it that a proper reconveyance is recorded as a consequence. : #3. Never disregard a recorded document. Once this one is paid off, make sure that a reconveyance evidencing the payoff is recorded, and comes to you afterward for your files. : Hope this helps. Follow Ups: Make this deal happen - find Maria Ward-CA- 7:58 PM, 07/24/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward, I went to the title company, and they suggested a sub-escrow, to help me with the payoff of the 2nd deed of trust. They said that even tough the deed of trust has the wrong beneficiary, it still holds, since the printed word is what counts. So they told me to find the wrong beneficiary and have them assign their beneficial interest to the real beneficiary. However, since I can't find the wrong beneficiary (Maria Lopez), becouse she has disconected all of her phones and neither I or anybody else, knows her address, I am thinking to go ahead and find a buyer for the property and let the title company worry about fixing the problem when they are in the process of insuring my buyer. In the mean time I save $17,000 (the payoff amount).Would u say this is a good descicion? One thing I do know for sure, and that is: the fact that there is only one true benefiary. : : : Ward, I need your experience on this one. : : : I just bought a property subject-to, and have recorded my deed on the courthouse. Here is the problem. I am about to pay the reeinstatement figure, as well as pay of the 2nd deed of trust recorded againt the proprty. But after researching the hall of records, I realized that the deed of trust is incorrect,it shows Maria Lopez(person who sold it to me)as the beneficiary, and the beneficiary (Olga Rios)as the Trustee. Either on pourpose or accidentaly. Anyways, the person who claims to be the beneficiary (Olga Rios) attemted to correct such document by recording another document that does not make much sence. It states that Maria Lopez is the Trustee, not trustor and that Olga Rios is the beneficiary. Honestly I don't know who is telling the truth. But Maria Lopez did sign the promissory note in the borrower section. So I don't know who to pay. : : : 1) What would you do? : : : 2)Should I talk to someone at the Court House or a Title Officer? : : : 3)Should I disregard the deed of trust? : : =-=-=-==-=-=-=- : : Gonzalo, : : #1 & #2. Go to your title company and tell them you want to pay them to oversee and coordinate the payoff of the 2nd trust deed and see to it that a proper reconveyance is recorded as a consequence. : : #3. Never disregard a recorded document. Once this one is paid off, make sure that a reconveyance evidencing the payoff is recorded, and comes to you afterward for your files. : : 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

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