WANT TO BUY SOME REO PROPERTIES?
Herein is the problem . The Non-agency sub prime Mortgage Mess will now start to surface with a new set of problems. Lack of recorded information and other things considered not lawful. The nature of the conveyance through Trustee sale in California was presumed to have all the necessary elements for â€œGood faith " and to have met all the code and procedures for the States Power of Sale provisions in a lawful lender recovery. The fact before making an offer on a family home that was stolen is to established whether or not that REO (if NOT a government agency or GSE asset ) is likely deemed to be impaired.
These sales by trustees who are in fact NOT by the Trustee but by a recovery agent for â€œsomeoneâ€ done with potential unlawful conveyances and deceptive practices that the courts do not get nor have ruled officially rule on as to a precedent. (Donâ€™t argue here as the Attorney Generals for many States agree and will inquire what then it is YOU know).
LACKING JOINDER AND DEED OF ESTOPPELS -Attorneys, determine if the Sale or Conveyances was in fact concluded in favor of a Pass-through Trust (Alt A, Non Agency, Sub Primer, Toxic 80 20 combo) Then assume a defect causes the collateral to remain in a disturbed state with pending cloud on title. Caution - This so an overwhelming and prevalent situation in most of the non GSE recoveries through 2008 and now into 2009 . Its alarming. . . To say the least.
Hereâ€™s what I would always check (as the rules have appeared to change in the United States with regards to lawful foreclosure and consumer debtor rights (donâ€™t believe me ask the Senate and House representatives . . .really!
1) Can we see County or Parish recorder information showing all proper, sequential and chronological recording data and easy to read chain of transfers (forget the Realty Track drama)
2) Do the chain of assignments RECORD solely from County records (leading to the Trustee Sale?)
Donâ€™t rely on a registration affidavit from MERS whatsoever! (GMAC cannot be all that bad - they DO NOT list MERS as a beneficiary at all [Hint Hint]). If no to either question above - consider the potential for the Deed to be considered defect from that point. Therefore the conveyance is Voidable or VOID. If the deed is rendered voidable, the sale will fail in a court of law and the foreclosure will be rescinded.
DO YOUR HOMEWORK AND DON'T BE A FOOL. THERES PENDING LITIGTION FOR ALL TO SHARE IN IF YOU SO DESIRE! This situation may be delayed where there is required information absent from records normally published. Therein verify the validity of the information or its accuracy therein. Counsel, help the clients and further the case whereby you get all the facts for arguing a wrongful foreclosure! One quick way of verifying the REO's integrity...see if the property taxes are paid to date. Many sales back to the lender (cannot anyway - it is unlawful for the trust to hold assets)
My point it this. In a county court house steps (how draconian really) auction yand concumer excecution you must convey title (not interest) the old fashion way - you earned it and you recorded it. And woe to the man where he lays claim to title for one another under a lawful conveyance without first bringing the tax man his money).
SEE ARTICLE IN TRULIA - BLOG
HOW CAN A NOD BE FILED WITH OUT RECORDING A SUBSTITUTE OFTRUSTEE and Who owns the Home? These questions are more and more being asked by Realtors who are historically "Pavlovian" when repsonding to the issues at hand.
By Maher Soliman
January 25, 2009, Press time release 1:38 AM/ Readers Blog: www.foreclosureinfosearch.com; One Bog viewer asked why be