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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Timing and the use of a TSG... Posted by Ward-CA- on January 18, 2004 at 5:12 PM In Reply to: Timing posted by Lughead on January 17, 2004 at 9:32 PM : hello : can we file a NOD to start the timeclock prior do doing the TSG? : if so is there a timeframe in which the TSG must be completed? : thank you =?=?=?=?=?=?=?=?=?=?= Lunk, Yes, technically a foreclosing trustee doesn't have to use a Trustee's Sale Guaranty (TSG) at all. A Trustee's Sale Guaranty (TSG) is nothing more than a glorified Title Report (TR). It amounts to a TR plus a contract of indemnification (between the issuer of the TSG and the trustee/lender). It also contains a list of all parties who have recorded a request for a copy of any Notice of Default (NOD) concerning the trust deed in foreclosure and a list of all publishers of legal notices that have been adjudicated as qualified to publish legal notices in the judicial district where the subject property is located. A typical TSG costs about $500-$600, which is added to the trustee's reimbursable expenses So ultimately a TSG costs the foreclosing trustee nothing. In spite of all the valuable information the TSG contains, and the fact that it ends up costing the Trustee nothing, there's no statutory requirement that requires the foreclosing trustee to ever obtain one! Even so, I don't think you will easily find a trustee that will forego using a TSG because of all the drudgery it takes out of the foreclosure process. For example, once your trustee records the NOD they have only 10 business days to send a copy of it (by both regular mail and certified/registered mail) to all parties adversely affected by the foreclosure and all those parties who have recorded a request for a copy of the NOD. Ten business days is a very tight time frame if you choose to eliminate the use of a TSG. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : hello : : can we file a NOD to start the timeclock prior do doing the TSG? : : if so is there a timeframe in which the TSG must be completed? : : thank you : =?=?=?=?=?=?=?=?=?=?= : Lunk, : Yes, technically a foreclosing trustee doesn't have to use a Trustee's Sale Guaranty (TSG) at all. : A Trustee's Sale Guaranty (TSG) is nothing more than a glorified Title Report (TR). It amounts to a TR plus a contract of indemnification (between the issuer of the TSG and the trustee/lender). : It also contains a list of all parties who have recorded a request for a copy of any Notice of Default (NOD) concerning the trust deed in foreclosure and a list of all publishers of legal notices that have been adjudicated as qualified to publish legal notices in the judicial district where the subject property is located. : A typical TSG costs about $500-$600, which is added to the trustee's reimbursable expenses So ultimately a TSG costs the foreclosing trustee nothing. : In spite of all the valuable information the TSG contains, and the fact that it ends up costing the Trustee nothing, there's no statutory requirement that requires the foreclosing trustee to ever obtain one! Even so, I don't think you will easily find a trustee that will forego using a TSG because of all the drudgery it takes out of the foreclosure process. : For example, once your trustee records the NOD they have only 10 business days to send a copy of it (by both regular mail and certified/registered mail) to all parties adversely affected by the foreclosure and all those parties who have recorded a request for a copy of the NOD. : Ten business days is a very tight time frame if you choose to eliminate the use of a TSG. : : 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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