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I purchased a property from a short sale and paid cash. I received a clean title. The title was placed in my wife and my Trust Account (a regular Family Trust).
I was looking at the recording statements and I saw one dated a month after we closed that says a Substitute Trustee listing me and my wife as Grantors and Verdugo Trustee Service Corporation as the Grantee.
This is in California
I am very worried about this, what does it mean?
Thank you in advance for any information you can provide.
EDIT
More info
At the same date/time there is a reconveyance listing my wife's and my name as Grantee. Nobody as Grantor. Could Verdugo Trust just be the company that transferred it from the banks name to mine? I don't understand why I am listed as the Grantor on the Substitute Trustee though.
Last edited by DowntownVentura; 09-12-2009 at 09:49 AM..
I put the documents in an email I sent it to the title company. I will also contact the county for some clarification. I got the info from the country recorder's web site. I won't hear from either until Monday, unfortunately.
I had done a search for Substitute Trustee and all I was landing on was this preceding foreclosure. Even there is no loan of which to foreclose, I didn't want a process to start.
I looked at all my paperwork that I signed for this transaction and there is no mention of Verdugo Trustee Services or me signing the property over to anyone.
Last edited by DowntownVentura; 09-12-2009 at 06:23 PM..
Anything learned about VERDUGO TRUSTEE SERVICE CORP?
To: Downtown Ventura - The same thing has happened to me. In my case, it was a simple refinance of my home. Same as you, about a month after the refinance a new recording occurred. Did you learn anything more about this? I just opened the letetter from the Registrar Recorder/County Clerk today so have no knowledge gathered yet.
Thanks for any information!!
B, yes I did get it resolved by calling my county's recorder's office. It was for a different property which did have a loan. Bottom line is I wasn't able to tell on the online recorder's documents which property this was in reference to and I naturally I assumed it was for the one I just closed on.
It happened to be a weekend when I discovered this so I was looking here to see if someone knew what it was before the county's office opened Monday. I suggest you just call/email your recorder's office. They will answer specifically to your property.
I can tell you that yours was likely from the refinance. You should also have had a reconveyance from the old lender indicating the old loan is paid off.
A belated thanks to you DowntownVentura for the response. I appreciate it. As for me, after I calmed down a little, I realized I had a real estate agent in the family. I called them and without giving too much information, they knew exactly what it was and I was able to verify it was all legit at that point. Thanks again!
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Anything learned about VERDUGO TRUSTEE SERVICE CORP?
