My question involves real estate located in the State of: California
I signed a lease to rent a home.
I learned the owner, call him 'John', assumed the rights to the home as collateral.
Does the 'John' have title to the property just by receiving the assumed loan? The reason I ask, is I received notice of trustee sale, which was addressed to the prior owner - 'Jane'. Doesn't this notice of trustee sale, addressed to the prior owner, prove that 'John' did not retain title of the property after assuming the loan, and therefore cannot legally lease the home to anyone, until he has title?
Would learning about the title history be the information I need? Can I go to any title company to get this information?
Effect On Title Of Assuming A Loan
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06-23-2008, 01:30 PMbryankb30Effect On Title Of Assuming A Loan
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06-23-2008, 07:46 PMOhMyRe: Assumable Loan, Assumes Title?Quote:
Quoting bryankb30
John does NOT have title just by taking over Janes loan. Actually, you can NOT assume any loan in the USA without lender approval.
Lets do this another way. Click on this link, Join as a member for a free 7 day trial period.
It will list the owners of the property, THE TITLE owners, who is on the mortgage, who is on the foreclosure, what stage the foreclosure is in. It will also list the CURRENT owner and all prior owners of the property.
You can them come back on here and post other questions once you are more informed as to the property status.:D
http://www.realtytrac.com/ -
06-24-2008, 09:07 AMbryankb30Re: Effect On Title Of Assuming A Loan
Thanks OhMy...
ok, so here are the details from the realtyTrac website..
History of notices:
5/07 - status: REO, default amount:$$$
Contact info (owner): Jane
6/07 - status: REO
Foreclosing info:
transfer date: 6/07 <--- here is what I call the 'assumed a loan' part..
transfer value: $$$
Contact info (owner): John <---- notice name change.
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8/07 - I sign a lease contract to rent from John... was it legal?
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11/07 - status: REO, default amount:$$$
Contact info (owner): Jane <-- name switched back..
2/08 - status: NTS
Contact info (owner): Jane
I received a NTS with Jane's name on it.. this is why I think the title is still in Jane's name. True?
What other details could I provide to know if the contract was legal or not? -
06-24-2008, 08:13 PMbryankb30Re: Effect On Title Of Assuming A Loan
maybe it was not clear, but the transfer date occured early june.
By the end of June, under the "foreclosure information", the information reads:
status: bank owned
recording date: 6/07 (near end of june)
So, even though John received transfer, the bank looks like it took back the property by end of june? true?
In addition,
Here are history notices:
2/2006 - REO
11/2006 - REO
1/2007 - REO
5/2007 - REO
6/2007 - REO
--signed lease here--
11/2007 - REO
2/2008 - NTS
lease contract not legal, right? -
06-25-2008, 04:24 PMOhMyRe: Effect On Title Of Assuming A Loan06/07 REO. Was the REO before or after Johns name shows up , could be that John purchased the property at a foreclosure sale from the lender , OR it could be that John tried to stall the foreclosure action, which is a scam and never works , againQuote:
Quoting bryankb30
I NEED CLARIFICATION AS TO WHICH OCCURRED FIRST.
If John purchases the home at foreclosure, then there was nothing wrong with him renting you the house, IF John is listed AFTER the REO, then it is a foreclosure rescue scam. -
06-25-2008, 04:32 PMOhMyRe: Effect On Title Of Assuming A LoanQuote:
Quoting bryankb30
Are the names that are being changed on a SALE??? or are all the notices on the foreclosure notices??
A foreclosure rescue scam changes the OWNER ON THE DEED but NEVER the name on the mortgage.
What this sounds like to me is as follows;
1) a common foreclosure scam
2) John finds out that Jane is in foreclosure, he tells her to deed the house to him, he then promises Jane he will cure the default and then he will re deed the property back to jane at a later date for a fee.
3) John takes title to the home, he never lives up to his half of the bargain, he never brings the mortgage current.
4) He rents the home out, knowing the foreclosure takes time (this is where you come in) he collects the rent, he never pays the mortgage, John keeps the rent. All very very not legal but common out there today
BUT without you reading the deed transfers correctly I cant tell for sure, I need you to look at the transfer of deed on the foreclosure ONLY, If Johns name never appears on any of the BANKS FORECLOSURE notices, just Janes, then my friend you where an innocent party in a FORECLOSURE SCAM.
Sorry. -
06-25-2008, 04:41 PMOhMyRe: Effect On Title Of Assuming A LoanIf Jonh is on the deed and NEVER on a foreclosure notice, my above post is correct, however, again, you are not telling me whos name is on the foreclosure notices etc.Quote:
Quoting bryankb30
You signed a lease in 8/07. According to your post, John did own the property on that date, so if he signed a lease to you it was valid, HOWEVER, a foreclosure on sale date will terminate your lease with John. So you are off the hook legally from John.
Jane needs to run to the DA's office kicking and screaming though if what I posted above is true, she was caught up in a typical foreclosure scam.
11/07 REO then 2/08 NTS, could be that John did bring the mortgage current with your rent money but then default after that causing the new foreclosure sale. HOWEVER, if all this is the case, Jane is the one who was defrauded. You have a lease with the owner of the property (John) until the new REO is final. -
06-25-2008, 04:50 PMOhMyRe: Effect On Title Of Assuming A LoanOK, I gave John the benefit of the doubt , this is how it is if what you post is correct.Quote:
Quoting bryankb30
2/08 NTS JANE???????????????????????????
yes, foreclosure scam, FORECLOSURE SCAM, foreclosure scam
However, your lease with John is valid, I know that sounds crazy to you but it is true, you have a valid lease with a scam artist, the lease will terminate on the day of the foreclosure sale if he does NOT cure the default. (John is on the deed NOT the mortgage) John thinks he is smart scam artist.
Yes you are on the hook to John.
Contact Jane, she needs to go to the DA's office NOW, or better yet the FBI mortgage fraud task force -
06-26-2008, 12:24 PMbryankb30Re: Effect On Title Of Assuming A Loan
OhMy, final post (I think)..
John received the property as collateral. He has had difficulty contacting Jane, as Jane is MIA.
Default notice and NTS had Jane's name on it.. in fact, all letters in the mail were addressed to Jane.. ("call me now, I can save you from default" postcards, letters, etc...)
on lien/loan history,
The 6/2007 REO shows John is buyer, Jane as seller. type of sale: full amount of deed, Document Type: trustee's deed.
on 11/2007 REO shows Jane as borrower.
on 2/2008 NTS, shows Jane as borrower. -
06-26-2008, 04:08 PMOhMyRe: Effect On Title Of Assuming A LoanJust to be safe, click on this link to confirm who is on the foreclosure and what stage it is in.Quote:
Quoting bryankb30
http://www.rentalforeclosure.com/