Why the New Trustee?

Why the New Trustee?

 

When the Lender files the Notice of Default to start the foreclosure process often times they will also assign a New Trustee

When that happens you'll receive all sorts of important registered letters announcing the New Trustee.  By law they have make sure you are properly notified.

(you might call it being Spammed)

This is normal. 

So why do they do this do you ask?

 

Maybe the New Trustee is better, faster and / or cheaper than the old one when it comes to the Foreclosure Process.  That's all.

The Good News is that the New Trustee cannot change the terms of the Note.  They only act as instructed.

The Bad News is that you still have a Notice of Default and it's been transferred to a company that might better process that.

 

Active Mike

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Post is included in group: Consumer Foreclosure Help
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4 Comments on Why the New Trustee?

Short, sweet and to the point. And a good explanation. The last sentence really sums it up.

05/05/2008 11:38 PM by Lisa Hill (Daytona Beach REALTORĀ®) (Adams Cameron and Company)


Hello Mike, I love your blog whispering.... that is so cool.   And the jumping heads..... love it!  You are very creative.  Thanks for the trustee information, good coverage. 

05/06/2008 08:00 PM by Rosemary Brooks -Mother & Daughter (866)-750-8282 (Family Realty Group - 866-750-8282)


Sometimes the old trustee notices that he has a conflict of interest and has to bail out.  Just another thought

05/06/2008 08:37 PM by Stella Barbour - Real Estate Agent - Serving Northern Virginia (Jobin Realty - Real Estate Agent)


It could be the trustee has moved on to better places who knows.

05/07/2008 04:43 PM by Gene Allen Realtor Hampton Roads Real Estate (Resh Realty Group)


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Loan Officer: Mike Mueller (Patagonia Finance)
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