Steps for starting a trustee's sale. Please complete the entire form. Write legibly and use a black pen.
Your Name:
_________________________________________________________________
Your Address:
_______________________________________________________________
State &
County where you live (for notary line on documents)
______________________________
Phone Number: ___________________ (office)
____________________ (home)
Fax Number: ______________________
E-mail address: _________________________
Who referred
you to our office: _________________________________
Full Name of the Lender (if this is a corporation/LLC indicate
state of incorporation)
____________________________________________________________________________________
You must contact any servicer in writing and inform them to release any information to our office.
Provide this
office with the following documents:
Copy of the signed and notarized Deed of Trust (with recording information)
Copy of the signed Promissory Note
Statement as to the location of the original Promissory Note
Copy of any assignments or modifications of the Note and/or Deed of Trust (with recording information).
If this is a commercial property then include copies of all loan documents, including any assignment of leases and contracts. If none exist indicate here: _________
Copy of any assignments of Beneficial Interest (with recording information)
Copy of all demand letters for payment, or responses from property owner or the servicer.
Copy of an accounting for payments and other charges.
Copy of letter from the beneficiary to the servicer authorizing their release of information to my office.
A retainer
check of $250 for each trustee's sale demand.
If the
lender (beneficiary) is an entity (corporation, LLC, etc),
then we need the name of the person who will sign the
documents: ______________________________, their title:
________________________, the county and state where they
reside: _______________________ and the address to forward
the documents:
_______________________________________________.
In addition we need permission from the entity to start the
trustee's sale process. This permission can be done in
the form of a minute entry, corporate resolution or letter
from the entity, signed by an authorized individual.
The permission is to state that this office has the
authority to initiate and conduct a trustee's sales, deed in
lieu, and to act on behalf of the entity in this legal
processes.
In addition we need the
following information:
Address for the property
to be foreclosed on (include City and zip code):
___________________________________________________________________________________
County where the property is located _____________________________________
Tax Parcel Number(s) ________________________
Is the property 5 raw land 5 residential property 5 commercial property
Is there a mobile home on the property? 5 yes 5 no 5 I do not know
Are the real property taxes current? 5 yes 5 no 5 I do not know
Is there insurance on this property? 5 yes 5 no 5 I do not know
Are you listed as a loss payee on the insurance? 5 yes 5 no 5 I do not know
When you entered into this loan did you purchase a "lender's policy" 5 yes 5 no
Name and address of the
current property owners:
________________________________________________________________________
The last payment received (amount, date and
what month that payment was applied to)
________________________________________________________________________
What is the total amount due each month?
If there is a concurrent payment due please identify each
separate amount and list each lender. Make sure to
include the servicing and title company fees.
_________________________________________________________________________
Have you made any oral or written
agreement(s) with regarding to accepting late or partial
payments? If so, what, when and
how?
_________________________________________________________________________
_________________________________________________________________________
Have you received any bad funds from this
borrower in the last 24 months? If so, how often?
_________________________________________________________________________
Any
problems that you know to exist (including litigation):
______________________________________________________________________________
_________________________________________________________________________
Information about the servicer (IF ANY) of this loan.
Name:_________________________________, Address_________________________________
Phone: ___________________ Fax: __________________ Account number:
_______________
____ Check here if you are service your own loan.
The name, address and
account number of any other lien-holders:
__________________________________________________________________________
_________________________________________________________________________
How much are you owed at this
time (arrears). In calculating the following arrears use the
date that the last payment was due. What
is that date? ________________________
Current principal amount: _______________________
___ payments (number) from _______ (month) to _______
(month) $______/month/year
Default rate of interest from _______(date) to
________(date) totaling $__________
Late charges: (number of months) _________________ totaling
$____________
Monies you have paid to senior liens
___________________________ (name) $______
Monies you have paid to HOA/taxes/insurance
___________________ (name) $______
Monies you have paid to title company/lawyers
___________________ (name) $______
Other monies you have paid ___________
______________________ (name) $________
After we receive this information we will prepare documents for your signature. We cannot start the trustee's sale process until after those documents and a retainer have been returned to our office, a title report received and an accounting obtained from you or your servicer.
There will also be a demand letter sent to the owner of the property giving them a specific period of time to bring this loan current. That period of time is determined by your Deed of Trust and/or Note (loan documents). If no time period is defined in the loan documents, then a 10 day period will be applied.
The process takes at least 95 days to complete after all of the items set forth herein have been completed and returned to our office.
VERY IMPORTANT NOTES:
IT IS EXTREMELY IMPORTANT THAT YOU KEEP CURRENT ALL PAYMENTS TO SENIOR LIEN-HOLDERS.
MAKE SURE THAT YOU KEEP TRACK OF ALL MONIES YOU SPEND AS RELATED TO THIS PROPERTY. IF YOU EXPECT TO RECEIVE A REFUND OF THESE MONIES YOU MUST INCLUDE THEM IN THE CREDIT BID WE WILL ASK FOR AT THE END OF THE TRUSTEE'S SALE.
ONCE YOU HAVE SENT THIS FILE TO OUR OFFICE YOU ARE NOT TO NEGOTIATE PAYMENT WITH THE BORROWER WITHOUT FIRST CONTACTING MY OFFICE AND DISCUSSING THE PROBLEMS ASSOCIATED WITH ACCEPTING SUCH PAYMENTS.
REMEMBER THAT YOU DO NOT OWN THE PROPERTY - YOU OWN THE NOTE AND ARE THE BENEFICIARY (LENDER) OF THE DEED OF TRUST.
Make sure that you include the documents described in paragraph 2 when you send this form to our office. You will receive a package of documents for signature, along with our retainer for the full amount of the trustee's sale process. This fee depends on the principal sum owed. For instance, approximately $1,600 to $1,800 fees and costs for principal sum under $100,000. Call if you have any questions.