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We would have no idea because we do not know where this property is.
Some areas appoint the trustee at the closing, in the unlikely event of a foreclosure and appointing a substitute would be a routine thing if the former trustee left their position.
Would you rent a house if you would find a "appointment of substitute trustee" document on the local public records website? Owner is moving away.
I googled this document and everything points to foreclosure.
In my area, that's usually the first step to taking the house back. I'd be super careful & insist on a default clause in the lease at a minimum.
FWIW, in my area, you can see what the original mortgage balance was at the county recorder's website - it may give you a clue if the owner is over-easy on the house.
May have nothing to do with foreclosures. I work in a bank. The original trustee on one recent deal was a title company who has since gone out of business. We modified the loan and substituted a new trustee.
May have nothing to do with foreclosures. I work in a bank. The original trustee on one recent deal was a title company who has since gone out of business. We modified the loan and substituted a new trustee.
Right.
There are many reasons to appoint a new Trustee. Moving toward foreclosure is only one, although it is very common.
I have seen the scammer foreclosure websites noting properties as "Preforeclosure" or whatever title they care to use when a homeowner has actually improved their position by refinancing, and of course, there is a change in trustee.
And some banks or investors exercise the option whenever they buy loans, which is not a reflection on the homeowner's payment history.
Right.
There are many reasons to appoint a new Trustee. Moving toward foreclosure is only one, although it is very common.
I have seen the scammer foreclosure websites noting properties as "Preforeclosure" or whatever title they care to use when a homeowner has actually improved their position by refinancing, and of course, there is a change in trustee.
And some banks or investors exercise the option whenever they buy loans, which is not a reflection on the homeowner's payment history.
Certainly there are legitimate reasons for changing a trustee that have nothing to do with foreclosure, however, with a landlord leaving the state it looks bad.
If it walks like a duck, there's no reason to assume it's a raccoon. Lots of landlords are over-easy on their mortgages, lots of deadbeats rent their houses & pocket the cash. It's on the news every day, so much so, that we needed a federal law to mitigate the damage. ("The protecting tenants from foreclosure act".)
As a tenant paying full-market rent, the op has choices - so asking a few pointed questions is 100% appropriate.
The new trustees are a couple of peoples. After I googled them I found out that they belong to a law firm.
That is commonly the case here.
It is pretty much a legal function, as they are accountable to the lender.
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