A year ago I purchased a first deed of trust (private loan)?and got a trustee’s deed issued on a house in downtown Sacramento.? The foreclosing trustee confirmed that that was a first lien. I spent a year?remodeling the house.
There was a $250k second Wells Fargo trustees dead that was supposed to be wiped out.??Now Wells Fargo filed a notice of default and i have bunch of people running around my house waiting?for it to go for sale. In the Foreclosure radar Wells Fargo claims to be the first deed. CAL WESTERN RECONVEYANCE recomended that I file a dispute, which I did. Now it has been over a month, and they still “reviewing” it.
My question is?- what is Wells Fargo trying to do? To sell this loan to?a third party and let us figure out through the lawsuits who?is the owner? Am I missing something?
Get thee to the recorder’s office. This should be fairly easy to sort out.?
For clarification sake …?
I presume you purchased this loan at a trustee sale (NOD/NTS recorded) and did not just buy the note directly from the private party lender?
I presume you can show proof that this “private loan” (deed of trust you acquired) was recorded and was in first position? Confirm by recording date and verify that your private lender did not agree to be “subordinated” to the junior Wells Fargo loan. NOTE: If there was a subordination (Wells Fargo loan moving into senior position) it would have been recorded and show as a “subordination agreement.”
If 1 & 2 above apply, then you are in a good position. Any title company can quickly verify the same info, but a trip to the recorder’s office might set your mind at ease. It might also be a good idea to make a copy of your TDUS + loan you acquired showing recording date (recorder’s office can print you a copy for a small fee) and fax/e-mail to Cal Western Recon (< presume they are acting as trustee for WF?). If Cal Western Recon continues to ignore you and/or fails to cancel the forthcoming trustee sale, then you may want get a lawyer involved.?
? ? I agree w. Danny. ?10 Minutes at the recorder will tell you exactly where you stand. ?In fact, with many counties in Ca., you can go online to view the grantor/grantee index. ? You’ll see in an instance where you stand. ?(Only problem is you can’t view actual documents. ?If the owner is John Smith or some other common name, that won’t help much.) ?If you are a subscriber to FR, here, you can get some of the info they have.
? ? Was the original lender on the loan insured by a title co.? ? Of course if that lender subordinated (gave up) his first position and then sold you the loan - all you have is a suit against the guy you bought the loan from for misrepresentation and against WF for unjust enrichment for the work you did on the property for them.
OTH - Personal story. ? Bank who had a line of credit loan against a property was not paid off in full when bank #2 made a loan. ?Bank #1 foreclosed, but everyone knew there would be trouble getting title insurance because #2 was foreclosing and had a sale date set. ?We bot the property, ? Bank #2 kept postponing their sale monthly. ?We did try to make what we knew was a futile attempt to threaten them for clouding our title. ?Never got a response. ?Once a year was up, and they didn’t renotice the sale, we were able to get title insurance. ?We rented out the property during that year. ? This was 2 years ago.