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Trustee Sale from hell!
Posted by Reg Boutet on December 27, 2007 at 10:23 AM
I recently purchased a Southern Calif home at a trustee sale. Prior to the sale I checked with the service desk of a title company and was assured that there was only one loan showing. After the purchase, I discovered that the loan had been a 2nd TD and that there was a 1st TD for $490k which was recorded with the wrong legal address. The grant deed on the 1st had been corrected but the deed of trust had not, thus the title guy didn\'t find it. The 1st TD is also in the trustee sale period.
I employed a high-powered attorney to contact the lender on the 1st TD, Aurora Loan Service, a Lehman Brothers Company. This is the lender from hell. The lender wouldn\'t talk to anyone not on the original loan. The house was empty at the time of my purchase but I managed to track down the previous owner and convince him that it was in his best interest to have me bring the 1st TD current rather than have a second foreclosure on his record. He faxed an authorization letter to the lender allowing the lender to release the deliquency amount and wiring instructions. The lender still refuses to allow reinstatement and is preceding with a sale tomorrow. The general belief is that lenders don\'t want to foreclose. I looked this lender up on Rip-Off Report.com and found 95 horror stories dealing with this lender. Do I have any options?
Posted by Reg Boutet on December 27, 2007 at 10:23 AM
I recently purchased a Southern Calif home at a trustee sale. Prior to the sale I checked with the service desk of a title company and was assured that there was only one loan showing. After the purchase, I discovered that the loan had been a 2nd TD and that there was a 1st TD for $490k which was recorded with the wrong legal address. The grant deed on the 1st had been corrected but the deed of trust had not, thus the title guy didn\'t find it. The 1st TD is also in the trustee sale period.
I employed a high-powered attorney to contact the lender on the 1st TD, Aurora Loan Service, a Lehman Brothers Company. This is the lender from hell. The lender wouldn\'t talk to anyone not on the original loan. The house was empty at the time of my purchase but I managed to track down the previous owner and convince him that it was in his best interest to have me bring the 1st TD current rather than have a second foreclosure on his record. He faxed an authorization letter to the lender allowing the lender to release the deliquency amount and wiring instructions. The lender still refuses to allow reinstatement and is preceding with a sale tomorrow. The general belief is that lenders don\'t want to foreclose. I looked this lender up on Rip-Off Report.com and found 95 horror stories dealing with this lender. Do I have any options?
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