Posted by Rich on February 17, 2004 at 17:43:36:
Where are you in the country?
email me i will help you. glowwykingdom@hotmail.com
Rich
Trust and Foreclosure issue - Posted by John Beginner
Posted by John Beginner on February 17, 2004 at 08:07:35:
I purchased a house sub2 thru a trust. I recorded the Deed to Trustee. I failed to find that back taxes were owed. Two months after purchase, the lender paid the taxes and added everything to the mortgage payment. The payment was too high and I could not pay it. I contacted the workout dept. and tried to have the seller help me. She has not. I called the seller and said I was returning the property because she lied. I then recorded a quitclaim deed back to the seller. The tenant was notified and will be moving.
I just received, thru the tenant, letters of foreclosure. The foreclosure names seller, me (not as trustee), and my spouse if any.
I don’t understand? Any help? What can I do?
Re: Trust and Foreclosure issue - Posted by William Bronchick
Posted by William Bronchick on February 18, 2004 at 08:02:16:
You are named as a necessary party, since you are trustee. I would contact the attorney filing the suit to make sure it is amended to reflect that fact. It will not result in any personal liability against you, since you did not sign the original debt to the bank.
I’m surprised to see that you did not know about the taxes. This kind of due diligence is necessary before completing the transaction. A call to the county would have revealed the status of the property tax bill. In most counties these days, you can check online.