Title Co. never delivered original deed of trust.... what to do??? - Posted by Renee

Posted by Dave T on February 07, 2000 at 09:31:42:

A deed of trust (also known as a trust deed) is a security instrument that conveys title IN TRUST to a neutral third party for a particular piece of real estate. The trustee has the original trust deed. When the loan is satisfied, the trustee conveys title back to the borrower.

In case of default, the trustee may be instructed to sell the property to satisfy the loan. If you are the beneficiary of the trust, then you should instruct the trustee to sell the property to satisfy the loan. The trustee will hold a Trustee Sale on the courthouse steps.

Perhaps it is best at this point to consult legal counsel for specific guidance

Title Co. never delivered original deed of trust… what to do??? - Posted by Renee

Posted by Renee on February 07, 2000 at 08:34:37:

Several years ago I notified the title company that I had not rec’d the original deed of trust. The escrow officer forwarded me certified copies of the deed of trust and told me that would do. Now I am trying to move forward with a foreclosure and I find out now that I must have the original deed of trust. The title company has refused to provide me with a bond and has instead chosen to send my file to thier legal department.

My question, is what are my options. Are thier any regularing companies which regulate title companies? I don’t have any money for an attorney and I am furious that they are not ethical enough to realize their mistake and correct it.

FYI: Certified mail never rec’d nor signed for by me. The escrow officer stated she was going to put a trace on it. I never heard of what occurred with this.

All advice is greatly appreciated.

Lost Instrument Bond - Posted by JD

Posted by JD on February 07, 2000 at 15:07:13:

Get your own bond. Ask the Title company where to get it. Should not be too expensive if the Deed of Trust is not that big. I paid $9 per $1000 (face value of note) for a similar bond recently.

Rather than wrestle with them… - Posted by John Behle

Posted by John Behle on February 07, 2000 at 14:43:06:

You might want to consider the option of an “Assignment”. You could assign the note to a corporation or other entity. That is a matter of executing an “Assignment of Trust Deed” and endorsing or assigning the note. The Assignment then proves the ownership of the note and you do not have to have the original trust deed in hands to assign it.

I’d call a foreclosure attorney, indicate you have an assignment and you would like to start foreclosure. Have a certified copy of the original trust deed in hands from the county recorder’s in case he/she does ask for it.

Might be easier than going 10 rounds with the title company. In my strategy it’s not real important who is right or wrong (or who made a mistake), but what is the simplest, easiest, fastest and cheapest way to solve the problem.