Posted by Jim V on September 15, 2003 at 01:37:04:
While a substitution of trustee could indicate a potential foreclosure action, often it just indicates a change of servicer.
If, in a given area, there were fairly few trustees specializing in foreclosure actions, it might be possible to do a county GI search, using the names of the predominant foreclosure trustees, to establish “highly probable” substitutions that are probably foreclosure related.
Just a thought.
What does this document mean?? Help!! - Posted by John
Posted by John on September 14, 2003 at 21:55:37:
Hello,
To make it easier for everyone here I first want to say that I live in Tennessee, which is a Power Of Sale state. Ok, I heard from some people that " appointment of successor trustee " means this is a very, very early indication that a foreclosure is going down. However, the document makes no direct mention of a foreclosure in the works.
My question to the experts is should I go ahead and start knocking on doors and treat the names on this document as a pre-foreclosure situation? I know that Power Of Sale states work differently, but if anyone else or knows of how Power of Sale states work then please help.
After that I will be ready to approach these people and try to help. I just want to make sure I have that covered correctly.
Thanks,
John
Re: What does this document mean?? Help!! - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on September 14, 2003 at 23:18:56:
John–(TN)------------
My opinion is that you should read the laws related to foreclosures in your state. Go to the law library and try to find books written for attorneys about doing a foreclosure sale. Find out how things work.
What you are saying makes sense to me. Here in CA often the old trustee on a deed of trust is the title company that handled the escrow when the property was sold and the loan secured against the property. When a foreclosure is necessary, the lender appoints a new trustee, usually a trustee’s sale company. That organization then conducts the foreclosure process and sale. Often times here the substitution of trustee is recorded simultaneously with the notice of default, the first official indication that a foreclosure is in the process.
Good InvestingRon Starr*