Foreclosure in 95762>Question Details

Stacey, Other/Just Looking in El Dorado County, CA

what does trustees deed upon sale mean?

Asked by Stacey, El Dorado County, CA Sun Jun 22, 2008

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OK i rent a house that is is in foreclosure but i also have a letter of trustee"s deed upon sale do i still have to pay rent to the owner thank you
0 votes Thank Flag Link Sat Feb 5, 2011
When a bank or FNMA or any other lender, forecloses on a property and auctions it at the courthouse, the succesful bidder receives a trustee's deed for the property. This deed conveys full ownership of the bundle of rights but comes with no guarantees that the title is clean. The property may be in default on taxes or mechanic's liens or other encumbrances, so you take a risk with a trustees deed and it is not as good as a warranty deed which as the name implies is warranted against encumbrances.
0 votes Thank Flag Link Thu Nov 19, 2009
In California it is the deed recorded by the current Trustee (of the foreclosing deed of trust) after conducting a non-judicial Trustee Sale. This deed is transfers ownership into the name of the lender or beneficiary who is foreclosing, if there were no successful bidders at the sale, or in the name of a third-party who was the successful bidder at a Trustee Sale.
0 votes Thank Flag Link Mon Oct 5, 2009
In the state of California homes are generally owned with a trustee deed. So we record trustee deeds in the name of the owner and usually there is a trustor who holds the lien on the property for the amount of the mortgage note. If a home is foreclosed upon, the deed and the ownership of the house goes back to the lender. A foreclosed home is usually referred to as a repo and these are being sold to a new buyer who will in turn get the trustee deed recorded at the county office in their name after their payment is made to the title company. Sometimes these buyers pay cash and othertimes there are notes or liens involoved. I can only spectulate so far without knowing more of the context of your question. Send me an email if I missed what you needed... Donna L Meyers Connect Realty
0 votes Thank Flag Link Wed Jan 7, 2009
It is like a POA , power of attorney, in a sense giving temporary ownership to the trustee so they can convey the property without complications
0 votes Thank Flag Link Mon Jun 23, 2008

At the end of the day it is a deed given to a trustee but not so that they own the house but rather so that they may, acting as the trustee, conduct the task (usually selling) appointed them.

I hope that helps
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0 votes Thank Flag Link Sun Jun 22, 2008
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