foreclosure - Posted by josh-mo

import · July 29, 2003, 5:11pm

Posted by rob - fl on July 30, 2003 at 12:34:53:

i havent started in florida yet. i just moved here from kansas city, mo. sorry, i should have clarified.

import · July 29, 2003, 5:11pm

Posted by josh-mo on July 29, 2003 at 17:11:47:

anybody know how to tell the difference between all the meanings of an Appointment of Successor Trustee?

It’s a document in the recorder’s office that sometimes indicates foreclosure in the future, but from reading the document, it seems that it has other purposes.

Can anybody shine any light on this? Or perhaps a good place to find out?

Thanks

Josh

import · July 30, 2003, 11:22am

Re: foreclosure - Posted by M. Osterman

Posted by M. Osterman on July 30, 2003 at 11:22:46:

Out here in California our is call “substitution of trustee” This document also can contain “reconvayance” which I understand to mean that a loan has been paid off. I have sent many letter to the SOT in the hopes that these folks were being foreclosed on. I’m sure some are, didn’t hear from them. But I did hear from the people who WERE NOT in forclosure. Fun calls indeed! I’m not sure as to see if they are or are not, I’m going today and I’m looking specifically for those that are sent to foreclosure company’s or attorney’s that handle foreclosures.

Mike

import · July 29, 2003, 5:45pm

Re: foreclosure - Posted by Bill H

Posted by Bill H on July 29, 2003 at 17:45:26:

Josh:

Basically what that means is for some reason the trustee who was appointed when the deed of trust was originally recorded is no longer available/willing/etc., to be the trustee. It could be that the company was taken over by another or any other myriad of reasons.

Someone/somebody/some corporation has to be the trustee so the beneficiary just finds that entity and appoints them as the successor trustee. And; yes, it might mean that foreclosure or some other thing or transaction is about to take place on/with with the property.

Fairly normal occurrence…nothing to be alarmed about.

Good Luck,

Bill H

import · July 29, 2003, 5:57pm

Re: foreclosure - Posted by josh-mo

Posted by josh-mo on July 29, 2003 at 17:57:18:

Is there any way to tell if it is for foreclosure? Besides the obvious appointment to Foreclosure Service Inc.

Josh

import · July 29, 2003, 6:09pm

Re: foreclosure - Posted by Bill H

Posted by Bill H on July 29, 2003 at 18:09:40:

Josh:

There are lots of companies in the trustee business and most of them carry a name similar to “Foreclosure Services Inc.” That in and of itself does not indicate that a foreclosure is contemplated.

Check the records for a Notice of Default or Lis Pendens, or Notice of Trustee Sale under the property onwer’s name or property address or I search under Notice of Trustee Sales for the latest dates. Contact Foreclosure Services Inc and ask them if there is a forclosure beining started. If one is recorded then a foreclosure is being started. Otherwise the new trustee may just be just that…a new trustee for the reasons I outlined in the first post.

Good Luck,

Bill

import · July 29, 2003, 8:19pm

Re: foreclosure - Posted by rob - FL

Posted by rob - FL on July 29, 2003 at 20:19:47:

Actually, I read Joe’s Domination of Foreclosure too, and I myself have a bit of difficulty telling when the Appointment document is indicating foreclosure. Joe K. Any help?

Thanks,
Rob

import · July 29, 2003, 9:51pm

Re: foreclosure - Posted by IB (NJ)

Posted by IB (NJ) on July 29, 2003 at 21:51:32:

Hi Rob. Is this document used in FL? I thought FL was a judicial state that used mortgages as the security instrument.

Just checking as I plan to invest in FL sometime in the future.