Re: second mortgage sold at an auction
Posted by Nick(Colorado) on August 27, 2002 at 11:50:38:
In Reply to: Re: second mortgage sold at an auction posted by andrea on August 27, 2002 at 01:06:28:
Andrea:
The county clerk and recorders office will have the best picture on the ownership of the property. If the loan was sold to a third party, prior to the auction, that third party will need to record an "assignment of deed of trust." If the property was sold at auction, there will be a trustee's deed issued to the third party. From the sounds of it, theproperty was sold at auction. Also you can contact the trustee's office to get information on the final disposition of the sale. You may want to do this anyway to see if therewas an overbid that you are entitled to.
Just for edification, a loan can be sold to a third party at any time without your consent. The new party must adhereto the wording of the original loan agrement, and must file an ASD as indicated above. They must also contact you to change where the payment is sent.
Follow Ups:
- Re: second mortgage sold at an auction andrea 15:31:12 08/27/02
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- Re: second mortgage sold at an auction Nick(Colorado) 14:09:55 08/28/02
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- Re: second mortgage sold at an auction Nick(Colorado) 14:09:55 08/28/02
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