Foreclosure in 95133>Question Details

Asha, Home Owner in 95133

in ca what is a foreclosre trustee and is there an organization of trustees

Asked by Asha, 95133 Thu Dec 8, 2011

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The links Andrea provided gave the best answer. I wonder, why do you ask?
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0 votes Thank Flag Link Thu Dec 8, 2011
In a foreclosure the trustee does the things required, by the mortgage contract verbage, to foreclose the property for the mortgage holder. They will advertise, file documents, attend the auction as the banks agent and do other duties to foreclose the property.
0 votes Thank Flag Link Thu Dec 8, 2011
The trustee doesn't attend the auction as the bank's agent. The trustee has submitted to the auctioneer a credit bid on behalf of the bank (openning bid) but they do not attend the foreclosure sale. There is no need for them to do so in a trustee state.
Flag Mon Mar 30, 2015
The TRUSEE in a Real Estate transaction, is simply a THIRD PARTY, who acts as a disinterested party.
What that Trustee does can very, from transacyion to transaction.

The Bank may hire a Company to handle the Foreclosure paperwork and sale of the Property.
So, when you are making an Offer on the house, you may be working with a Property Management/Auction/Disposal company, instead of the Bank itself.

Most of the time, when we find out that we have to deal with one of these companies, we curse.

Good luck and may God bless
0 votes Thank Flag Link Thu Dec 8, 2011
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