Foreclosure Help - Posted by Joe_AZ

Posted by Joe_AZ on February 09, 2000 at 21:38:47:

Thanks for the info!!!

Foreclosure Help - Posted by Joe_AZ

Posted by Joe_AZ on February 07, 2000 at 22:29:24:

What do the terms “successor trustee” and "original trustor"
mean?

Also, what might be some good questions to ask the trustee about the foreclosure?

Last but not least what is the term to use when asking for a discount on the payoff amount?

Thanks in advance for the help.

Good luck to all REI’s!

Go CREO!

Re: Foreclosure Help - Posted by Todd (St. L.)

Posted by Todd (St. L.) on February 09, 2000 at 11:26:36:

Hi Joe!

You are in one of the best kept secrets in foreclosure real estate - Arizona. I lived in Scottsdale for 5 years and worked the Phoenix foreclosure market, it’s one of the best places to make money.

“Successor trustee” means simply that they are the trustee who has taken over from the original or previous trustee. They are the one you would contact.

“Original trustor” is the person who signed the Deed of Trust and is liable for the repayment of the loan. If a new name is showing it means that the property was transferred without the loan being paid off or assumed.

The trustees are very limited in what information they can give you unless you first secure the original trustors permission. The main thing you will want to check is whether or not the property is still going to sale or if it has been “cured.” You can call the trustees office and ask the receptionist this question.

To get total payoff amounts or projected amounts (interest accrues daily, trustee fees, back payments, etc.) you will likely need to get written permission from the trustor or have them call the trustee and give their permission for the trustee to give that information to you.

You will likely not get the payoff amount to be discounted. If there is enough equity in the property to facilitate your interest in pursuing it, then the lender will feel fairly secure that they will recoup their money by going through with the foreclosure. The trustee has a neutral interest in the foreclosure sale. They get paid regardless of what happens.

Take care,

Todd (St. L.)