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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, the
property 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 there
was 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 adhere
to 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.
