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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Trustees willingness to allow 3rd party bidder to view TSG pre or post sale. Posted by re sales on December 17, 2003 at 7:40 PM In Reply to: Simple answer... posted by Ward-CA- on December 17, 2003 at 3:56 PM : : 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. The smaller trustee firms seem to be open to allowing buyer to view TSG post sale however the major trustee firms have not been willing to provide the TSG and some will not even answer specific questions as to what the TSG contains. Maybe my frame of reference is too limited. Any suggestions on obtaining copies of the trustees TSG. Thank you. Follow Ups: Getting a copy of the TSG Ward-CA- 8:53 AM, 12/18/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : 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. : The smaller trustee firms seem to be open to allowing buyer to view TSG post sale however the major trustee firms have not been willing to provide the TSG and some will not even answer specific questions as to what the TSG contains. Maybe my frame of reference is too limited. Any suggestions on obtaining copies of the trustees TSG. Thank you. 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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