Why is real estate Corp on Title? - Posted by Roxanne(ca)

Posted by Don on March 05, 2002 at 19:59:45:

ELK probably took title in 1990 subject-to the existing 1989 loan. That’s what happens when you don’t make payments on a subject-to deal, the other guys credit gets trashed, not yours. The idea is to not let this happen, ELK doesn’t make any money and the borrower (previous owner) becomes unhappy.

I wonder if the borrower has any legal recourse against ELK for credit damage? Now there’s something to ponder.

Why is real estate Corp on Title? - Posted by Roxanne(ca)

Posted by Roxanne(ca) on March 05, 2002 at 19:08:50:

Last week I was searching the title of some properties scheduled for trustee sale. I was comparing the information on the Notice of Trustee Sale published on the newspaper and the info in the County Recorder’s Office.

On the newspaper, this particular property has a person’s name that’s in default and I assume he is the owher. Then when I check the County Recorder’s Office record, the owner is actually a real estate company named “ELK Property Management, LLC”. The owner is not an individual and I don’t find that person’s name on title. The loan being defaulted was recorded in 1989 and ELK Property Management, LLC got the title through quit claim deed in 1990.

I am confused. Who is in default? I can’t get any info from the auction company. Why is the individual in default not on title while a real estate company not mentioned in the Notice of Trustee Sale is on title? According to the record of Secretary of State, the owner of the property management company is not the person in default. I can’t find out if there is any relationship between the individual and the real estate company.

In fact, I have found more than once of the above situation. What am I missing? Any ideas?