Posted by John Merchant on June 18, 2010 at 09:52:33:
If it were here in WA State I’d proceed to foreclose on that Deed of trust, non-judicially as per our WA DOT Foreclosure statutes and I’d serve everybody whose name I could find so as to give all parties with any interest notice of same.
Your friend’s mtg (hopefully a DOT allowing non-judicial foreclosure)definitely would be superior to any conveyances following the recording of of that DOT.
Those buyers “in trust” probably have a nice lawsuit against that crook who sold to them but that really doesn’t involve your friend or require him to do anything involving the “trust” buyers other than noticing them as per DOT statutes.
Here in WA State, when my foreclosure trustee co. does a non-jucic. DOT foreclosure we have to serve notice on all subsequent parties shown in title policy although their rights are inferior to 1st lien-holder lender.
Hello,
I’m trying to help a friend with the following issue.
He sold a bunch of lots in a subdivision to someone (let’s call them “Flipper”), and gave Flipper a mortgage.
Flipper was then selling the individual lots and getting partial mortgage releases from my friend.
With the real estate bust here in Florida, Flipper stopped making the monthly payments on the mortgage, and worked out a Deed in Lieu of Foreclosure to deed the remaining unsold lots back to my friend.
About a year later, my friend realized that Flipper had sold about 15-20 of the lots ‘out of trust’, these lots were not released from the mortgage, and were deeded back to my friend in the deed in lieu.
What is the best course of action?
Any way to recover the 15-20 lots thru foreclosure?
Any and all ideas would be greatly appreciated,
Thanks a bunch in advance,
Scott