Foreclosure in Torrance>Question Details

Lala, Home Owner in Torrance, CA

My ex-husband is trying to get me to sign a Substitution of Trustee on a property he is trying to foreclose on. Should I be wary? (He's a slick

Asked by Lala, Torrance, CA Fri Nov 26, 2010


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Jeanne Feenick’s answer
I know nothing about the document you have been asked to sign, but I would not recommend you sign anything without consulting an attorney.

Look out for yourself Lala, whatever money you spend for legal advice will be among the best money you ever spend. Protect yourself girl!

Jeanne Feenick
Unwavering Commitment to Service
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1 vote Thank Flag Link Sat Nov 27, 2010
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Flag Mon Dec 16, 2013
Hi everyone--this is LaLa. Thank you for all the info. Here is the back story. My ex tied this property up in a property transfer years before the divorce. This property is one we used to live in. The other party was supposed to make the mortgage payments and is listed as the trustor and has their own trustee with my ex and me listed as beneficiaries (very complicated). The loan is still under the names of my ex and me. The other party stopped making payments when my ex also stopped making payments on his end of the deal (a note on another property which just happened to be where we lived--a three property deal--OMG). At the time of the divorce, which is final, I refused to sign over the deeds, etc. until my name was off the mortgages--I let him have the properties since he has them so messed up. Now the ex is trying to foreclose on the other party and she is counter-suing. The other party has named me in the counter suit but I have an indemnification clause in the divorce agreement. My ex is pressuring me to sign the substitution of trustee so he can continue with the foreclosure. He has pressured and threatened me into signing all sorts of things in the past and I am no longer inclined to do so. I am emancipated! I agree that I probably do need a real estate attorney.
0 votes Thank Flag Link Sat Nov 27, 2010
“he’s trying to foreclose on!” You own the note with your ex-husband? If your husband is trying to foreclose, he wants to take back the property to sell it, right? Have you already concluded the “property settlement of your divorce? Was the note not part of the divorce settlement? Or am I misunderstanding the question?

This is a legal question and I think it’s best to seek the advise of an attorney, I am not an attorney. That being said, I have been a Realtor since 1988 and Broker since 1994, and this is not legal advice but here is my thought on it: never sign anything you are not sure of the consequences. Any document that pertains to the ownership of real estate is a very important document and should not be taken lightly, some documents are more important than others.

This is my understanding of “A substitution of trustee” is when the lender/Beneficiary has chosen a different company to be the trustee. The trustee is the one in charge of reconvening title or selling the property if the borrower doesn’t pay. Sometimes the trustee and the beneficiary are the same.

Good luck and if you ever need to sell and need a sharp Realtor, Call me!

Aida Pinto
Real Estate Broker
Realtor since 1987
(562) 916-3237


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0 votes Thank Flag Link Sat Nov 27, 2010

Of course you should be skeptical and consult your attorney for their advice........

Good luck,

0 votes Thank Flag Link Sat Nov 27, 2010
This id difficult to repsond to with the information supplied, You need to show the documents to an expert in your area. I have attached a article to help you understand what the document is that your husband wants you to sign.

Keith Manson
First Weber Group
Certified Distressed PRoperty Expert
Metro Milwaukee
0 votes Thank Flag Link Sat Nov 27, 2010
Substitution of trustee would seem to indicate he's giving the property back to the bank willingly... rather than having the bank take it.

If you're no longer paying the mortgage as agreed, the outcome will likely be the same... you... out of the house.

Corona, California

Please speak with a licensed attorney or CPA prior to acting on my opinion.
0 votes Thank Flag Link Sat Nov 27, 2010
If you are also a co-borrower on the loan for this house, I strongly suggest you object to him trying to just let the house go to foreclosure OR for him to just do a Deed In Lieu of foreclosure, since you've been divorced is this a property that, although you may not be on title anymore & he WAS making payments on, that you ARE actually still on the loan?

If you are a co-borrower on this house, I strongly suggest you consider doing a short sale Or else your credit is also going to be wrecked & ask of Dec. 13th you wouldn't be able to purchase another Fannie Mae backed loan for 7yrs!

Even if he's the only one on the loan, he should still consider doing a short sale before allowing the bank to take it back. He probably got a letter asking for a Substitution of Trustee because the lender is now using a different trustee co. to handle the foreclosure process.

Please do call & talk to an attorney first before signing this or Anything you're not familiar with or feel free to shoot me an email directly if you have any other questions or concerns.
562-430-3053 cell
0 votes Thank Flag Link Fri Nov 26, 2010
Hi Lala:

Sorry to hear about your situation.

Clearly, he is asking for you to be substituted, hence depending on whether your divorce is final or not, you
need to run it by your divorce attorney first who will refer you to a R E attorney.

If your divorce is final, then you need a RE Attorney.

But from what I understand you are a Trustee of a Property, where you have Trustors who cannot make payments to you and your Ex.

Once you give up Title, you have no claims to the property, unless you have properly written or drawn up
side agreements drafted by a lawyer.

However the situation changes if you are a Trustee and a Trustor.
For example, you are a joint Trustee of the property with your Ex, and you are living in the property
and not making your share of the payments as a Trustor and part of your divorce agreement.

In time either the 1st lien holder or 2nd or 3rd lien holder will bring court action and foreclose.
Thereafter your ex-husband can pay off the other primary liens or wipe out the 2nd and 3rd.

So maybe you need to explain who are the Trustors and who is benefiting from the property.

Good luck.
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0 votes Thank Flag Link Fri Nov 26, 2010

That kinda sucks. Best bet is to talk to a "REAL ESTATE ATTORNEY" and not a regular attorney.
This is not legal advice, but don't sign any documents before a real estate attorney reviewing it and discussing what the legal mumbo jumbo is.

Stay strong,

Jes Sierra, B.Sc.
Realtor® 01772408
0 votes Thank Flag Link Fri Nov 26, 2010
Hi Lala, this is a real esate website, it sounds like you need to discuss this with an attorney .
This would be your best route.

Kind Regards
Michael Barron
First Team Real Estate
0 votes Thank Flag Link Fri Nov 26, 2010
Tell him you want to show it to your attorney before signing, then follow through and show it to your attorney before signing.
0 votes Thank Flag Link Fri Nov 26, 2010
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