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Posted by andrea on August 27, 2002 at 15:31:12:
In Reply to: Re: second mortgage sold at an auction posted by Nick(Colorado) on August 27, 2002 at 11:50:38:
: I have contacted the trustee's office, they have not responded to my written request. I am thinking that there is a possibility of a fraudulant sale since the lender told me it was sold to a third party but the records indicate it was sold at auction.
I know that this probably seems unlikely, however my experience with Nevada and the number of "inside" business deals conducted leads me to believe that this situation is definitly plausible and that I should look into it. I have no reason to believe that the lender would "make up" that information.
Having said that, why would the deed transfer which is recorded not indicate it was sold prior to auction? The purpose of a public auction, if I'm not mistaken, gives the owner and anyone whom may have an interest in the property the opportunity to protect their interests? Neither one of use new of the auction.
Thank you again for your time and assistance.
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.
