some title question - Posted by steve o.

Posted by steve o. on October 08, 2004 at 10:56:28:

This is in California. Thanks.

some title question - Posted by steve o.

Posted by steve o. on October 06, 2004 at 23:47:46:

Sorry, if this is a stupid question?cbut do lenders like World Savings do 2nd loan?

I’m looking at a deed of trust in the amount of about $190K, by World Savings stating on the face of deed of trust that this is in the first position. But there is another deed of trust 1 year prior by Quality Mortgage USA Inc in the amount of about $115K, without recorded reconvayance, without subordination, which was later assigned to Bankers Trust Co. The property is worth about $500k now, but at the time World Savings funded, the property must have been somewhere around $300K. So this means World funded very high LTV, in very weak 2nd position.

I thought that company like World Savings don’t lend in this fashion. Do they do that? Or something strange happened here? Thanks for your help.

Re: some title question - Posted by Rook (FL)

Posted by Rook (FL) on October 08, 2004 at 10:44:11:

Hey Steve,
I’m actually a loan processor for World. We would never make a loan like that. Our mtg must be in the 1st lien position.

Re: some title question - Posted by Branon

Posted by Branon on October 07, 2004 at 20:19:36:

I work for a title company and I can tell you what happened: Bankers Trust Co. did not send the release to the county to be recorded or it got lost or even worse they sent it to the owners and them not having the time or since of importance tossed it in the trash. The solution: 1. Contact Bankers Trust Co. or track down who they are now (use google) ask for a release. 2. contact the closing title co. (a stamp or handwritten name should be on the new DoT or ask the county recorder what co. had it recorded), if you’re extra nice you might get someone to tell you if they paid it off. Or if you are using a title co to purchase the property make them do all the work that’s what you’re paying them for.

Re: some title question - Posted by steve o.

Posted by steve o. on October 08, 2004 at 11:02:37:

Thanks, Rook. I appricate it.

Re: some title question - Posted by steve o.

Posted by steve o. on October 07, 2004 at 21:46:16:

Thank you, Branon, for your reply.

So, do you think this is simply a case where someone failed to record reconvayance? Do you think World Savings won’t make this kind of loan?

Thanks.

Re: some title question - Posted by branon

Posted by branon on October 08, 2004 at 06:36:25:

I don’t think I’ve ever seen world savings on a 2nd mtg. I could be wrong but the situation you have described is actually very common. What state is the property in?