Financing in 93727>Question Details

Leel, Home Seller in 93727

My mother is carrying a loan for a condo she sold years ago in California but has lost the contract papers. Would they be filed with a state office?

Asked by Leel, 93727 Wed Dec 1, 2010

The loan includes a balloon payment that should be coming up sometime in the near future when the loan ends, but my elderly mother has no recollection of any details. The buyers are making payments, but we do not wish to make it known that we don't know the details of the loan. I have found a loan number in her records, so would this loan have been registered with a government office like the County Clerk in the County where the Condo is? I assume that she/I could call and get a copy if that is true.

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It is not surprising that your mother does not have the documents. Many large financial institutions do not know where copies of their notes are. As has already been suggested, start with a title company and request a full property profile, there may be some documents filed that will help you. Next go to your bank and request copies of the original paperwork so you know when the balloon payment is due. There may be good reason to suggest the borrowers refinance at this time, since rates are so very low.

Please contact me if you need help getting a property profile and I will be happy to assist.
0 votes Thank Flag Link Sat Dec 4, 2010
The short answer is: it depends.

A more detailed answer is: it depends upon whether she closed via an escrow company, how she recorded the docs, if a new note was created (and how it's structured), whether she had set up a title-holding trust to hold the deed/deed-of-trust, whether she sold any part of a note, etc.
0 votes Thank Flag Link Sat Dec 4, 2010
Was there an escrow used in the transfer? They should have the executed paperwork. Good Luck. Get a safe deposit box NOW!
0 votes Thank Flag Link Sat Dec 4, 2010
Hi Leel

You can call the bank to find out when the Balloon is coming due or the Title company
In the records you have.

Check whether the Realtor or his Broker is still in business.
It's possible it may eon micro fiche.

If the sale was done years ago, it's unlikely the files are still around.
Generally, destroyed after seven years.

Good luck.
Web Reference:
0 votes Thank Flag Link Wed Dec 1, 2010
Leel: Get the customer service department of one of the escrow/title companies to give you a, Property Profile report. All you need is the address. At least this way you can see all of the recorded documents there and perhaps find out what you are looking for. If not then you'll have to contact the County Recorder's office and ask what they have on file.
0 votes Thank Flag Link Wed Dec 1, 2010
Chances are the only thing that is filed with the County Clerk is a Memoradum of Land Contract and not the full document.
The best place to check for the full document is at the Title Company where you closed the sale. They should have a full copy in their files. The other possiblity would be to contact the Realtor or the Company that helped her sell the Condo. There is a good chance they would have a copy also.
Good luck. If you have further questions feel free to contact me.
Dave Martin
Greenridge Realty
0 votes Thank Flag Link Wed Dec 1, 2010
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