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CHARLENE PERRY's Blog

How many people does it take to record a Deed?
by CHARLENE PERRY | 2011/04/13 |

You would think this to be a pretty straight forward questions, but the waters are muddy my friends and there are too dang many hands in the pot.

CHARLENE PERRY's Blog ::

REO transaction was to have closed tomorrow. Contract expires tomorrow. The date of contract acceptance was March 23, 2011.

Title reveals that the Trustee's deed has not been recorded despite the fact that the sale ratified with the court on December 28, 2009 and the Auditor ratified the sale on March 10, 2010. 

Now we have tried diligently for the past 2 weeks to get this deed out of the hands of the Trustee for a simultaneous recording at the time of closing and have been told that they need permission from their client to release the deed.  They further state that they have been unable to get their client to respond.  BUT, let me give you the rundown of the number of companies working on this little transaction:

  • Note holder (Bank) assigned to
  • Trustee- tasked with foreclosure and eventual recordation of the deed
  • Default servicing entity- they assigned the matter to the listing agent and to the title company that was to act on behalf of the seller
  • Seller's title agency- tasked with title clearance and settlement liasion services.  Title clearance does usually include insuring that the seller actually has title to the property, just saying....
  • Me- Buyer's title agency

None of the above can reach the actual seller to get permission to release the deed to either myself or the seller's title agent.  Now who do you suppose the seller might be?  Hm.... just take a guess.

Despite my many calls today including calls to the Underwriter for the national default servicing entity, the foreclosure attorney and the seller's title agent, I have gotten exactly nowhere.  The foreclosure attorney simply will NOT release the deed to anyone unless and until the seller gives them permission to do so.

Is it not reasonable to think that most of us can actually reach our CLIENT????!!!

I fully understand that they (the f/c attorney) needed the funds to record from their client, but will you please try to explain to me, with a straight face, why you wait more than a year to begin to make inquiries as to the delivery of the money.

To make matters worse, the listing agent advised me that he was asked to advance monies to pay environmental citations and open water bill MORE THAN A YEAR AGO to enable recording of this deed.

Ladies and Gentlemen, there is a better way to handle REO.  Get rid of these large entities and let someone handle your work who actually cares about time lines, vesting and so on.




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623 words | 1810 views | 4 comments | log in or register to post a comment


Doesn't such an Extraordinary Amount of Time

make you wonder if there's a reason the deed is not recorded?  Like something wrong with the foreclosure or the trustee's sale? Do you know if it were a credit bid at sale? Do you really think this is over recording fees?  I feel like a dummy here, but I couldn't guess who the seller is. 

I know usually deeds don't have to be recorded, of course, but I would almost swear I have read that trustee's deeds have to be recorded within like 20 days? Did I dream this?

 
by john gault | 2011/04/15 | log in or register to post a reply

You were not dreaming John ..

The offending note owner was none other than B of A, and yes the Deed should have been recorded at least within a month of final court and auditor ratification.

I have reviewed the foreclosure documents and found no red flags, no liar's affidavits, no known robo-signers, etc.  My belief is that the foreclosure attorney got the sale ratified and then the file was just left lying around until someone started to ask for the trustee's deed.

The thing that burns me here is that the listing agent was asked over a year ago to pay bills to enable recording of the deed, he paid the bills and still the deed remains unrecorded.  The foreclosure attorney's office did not even reach out to their client unitl I started to scream for the deed and then, lo and behold, after months of their client being "unresponsive" they suddenly gave permission to have the deed released.

Do you think that this sudden turnaround had anything to do with the fact that I called the  foreclosure attorney's underwriters, threatened to file a claim and told my buyer to hire an attorney?  Hm.....you gotta wonder.

 
by CHARLENE PERRY | 2011/04/15 | log in or register to post a reply

Escrow Agreement?

It would be a simple matter for the closing agent to hold all the deeds under a simple escrow agreement and record all upon completion of escrow.

 
by James Newberry | 2011/04/22 | log in or register to post a reply

Escrow Agreement

James,

You're idea is great but for ours is a race-notice state. We MUST record immediately in order to protect the buyer and lender; so holding the Deed in escrow would not work in this situation. 

 

 
by CHARLENE PERRY | 2011/05/11 | log in or register to post a reply
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