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Simple answer...

Posted by Ward-CA- on December 17, 2003 at 3:56 PM

In Reply to: Simple Notification Ques. posted by Chris on December 17, 2003 at 7:24 AM

: Ward wrote a few months back,
: "Yes, a winning foreclosure bidder has recourse against a trustee who failed to notify a junior lienor whose lien is against the title of the foreclosed property. Lack of notification doesn't happen too often. It is usually discovered by the title company that is issuing a title policy to a third party buying the property about 6 months later."

: A couple quick questions:

: 1) What is the mechanism of notice - is it by a certified letter, or by publishing a notice in the paper or both?

: 2) If you're planning on bidding, how do you find out if the junior lienholders have been notified?

: 3) And how would title find out about it later on - do they contact the lienholder at that time?

: Thanks!

=======================

Chris,

#1. The Notice of Trustee's Sale is sent by the Trustee to all junior lienors and interest holders by both regular and certified letter.

#2. You'd have to compare your title record search results against the Trustee's Sale Guaranty (TSG) report after you became the winning bidder (and thus could evidence the necessity of double-checking for omissions to the TSG).

#3. Every time a new title report is ordered the title company involved checks with their particular county's title company database to determine which local title company issued the most recent title report concerning the subject property. Thus the TSG would show up as the most recent title report on the foreclosed property a few month earlier. By examining the TSG the missed notification would be discovered.

Hope this helps.


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