Promosory note secured by a Deed of Trust with assignment of rents.
The note I am referring to was made and executed in California in
1998.
No payments have ever been made on said note and real estate taxes
have not been paid. The Trustee has never demanded payment. The
original owner died in 2001. The trustee sold this note to a CA bank.
That bank sold this note a year later to a mortgage company and they
never bothered. I traced them down and now this Mortgage co. demands
full payment, including accrued interest. Is the Calif. SOL applicable
on such note? |
Request for Question Clarification by
weisstho-ga
on
05 Dec 2005 06:00 PST
Please see this: http://answers.google.com/answers/threadview?id=583188
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Clarification of Question by
reowner-ga
on
05 Dec 2005 11:59 PST
On Feb. 01, 2002
Empire Funding Corp acquired a commercial property in Yucca Valley
subject to a $50,000 note and Deed of Trust. When it was acquired by
the signor of the note there was an $39,000 first mortgage that
apparently was not reconveyed at the time of the $50,000 note. The
$39,000 note and deed of trust of the original owner an unmarried
woman who died intestate in 1999 is in limbo.
The $50,000 note and deed of trust was signed and recorded on 02/06/98
and no payments of any kind were made since then.
The present owner, a mortgage co. was assigned this note on 03/13/2002
by Bay View Bank.
The present owner now demands payment of $50,000 plus all accrued
interest and late charges. If there was no reconveyance of the $39,000
note it makes the $50,000 note a second mortgage.
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Clarification of Question by
reowner-ga
on
06 Dec 2005 10:44 PST
The title company maintains that notes, secured by a deed of trust
remain in effect regardless of age and is not subject to SOL.
This info came from an attorney on the Title Co's staff.
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Clarification of Question by
reowner-ga
on
19 Dec 2005 13:31 PST
The plot thickens. The $50,000 note and Deed of Trust was recorded on
02/06/98 in San Bernardino, CA. This note and deed of trust was
assigned to BAYVIEW Bank in West Covina CA on 04/08/99 The maker of
the note died 12/01/2001 and payments on the note stopped. No one
investigated why not.
Bayview bank now had a non performing note that they assigned United
Mortgage LIC VP LLC in Charlotte, NC 03/13/02. UMLIC VP LLC did not
start any action to foreclose on the property in fact they never filed
a default. There is no excuse for such laxity. Nevertheless they
demand $85,850 to sign off
Meanwhile the $39,000 note that was on the property prior to the
placement of the $50,000 note must have been paid off but there is no
reconveyance of this note. The woman, beneficiary died in 1999 and
since she had no heirs it all ended up with San Bernardino County. I
don't know what their excuse is for not filing a default. The County
now demands payment on the $39,000 note adding interest and
compounding same to where they now claim $57,500, but they don't have
the note nor the deed of trust. Now the time is running short, we are
in a sales escrow with a closing date of Dec 28 2005.
Do we have a chance to defeat all these claimants in Court?
Please answer quickly because time is running short. I'll pay extra.
Just let me know what it cost and I'll pay it.
Best regards
Joost
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Clarification of Question by
reowner-ga
on
31 Dec 2005 10:54 PST
I am unable to clarify the situation if I don't know what part of my
question is not completely clear.
Let me know what you want clarified.
Time is of the essence since we are ready to close the escrow. If we
refuse to make the payments claimed by the first and second mortgage
we run out of time with the buyer of the property. Of course, I
presume that the two claiments will have to start foreclosure
proceedings.
Best regards
Joost
Thank you
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