As a San Jose Probate real estate agent I am always amazed at how new issues always come up. I thought I was finished, but someone else did not. (Remember the line from The Godfather which was repeated in Sopranos) My San Jose Probate sale did not want to end.
Here is the back story. The owner of this San Jose probate sale died last June, leaving no cash in her estate, but a home with some equity. She did have a loan with Wells Fargo. I was hired by the Personal Administrator of this San Jose Probate to sell the home. The week the home went on the market I was contacted by a company called LPS who had been hired by Wells Fargo, the mortgage holder to make sure the San Jose probate home was not left vacant an unattended. As requested I faxed LPS the listing agreement and my statement saying I was going to be caring for the home and it would not be abandoned. The field service supervisor at LPS assured me everything was fine. I told him they would have their money in January.
At the end of December Wells Fargo recorded a Notice of Defualt against the property, but since we were going to close in a few weeks I was not worried. The Notice of Default gave us three months to pay Wells Fargo off. LPS did not contact me so I was not concerned that there would be any issues with this San Jose Probate home.
The buyer used Wells Fargo to obtain their loan and escrow was delayed two weeks, entirely because of Wells Fargo delays. We closed last Friday. Today, which is Martin Luther King's Holiday the new owner showed up at his new home to find LPS there changing the locks and the field service worker refused to stop, even when he was told that there is a new owner and Wells Fargo has no more say over what happens to this San Jose probate home.
I tried to call LPS, but since today is Holiday no one was there. I called the LPS Field Service Supervisor I originally dealt with and his phone was disconnected. I suggested the new owners of this San Jose Probate sale change the locks and call the police. i am hoping the police can post something saying that if LPS tries to enter the house again they will be guilty of trespassing. I am not sure that this is possible.
So what have I learned from this San Jose Probate sale debacle?
1. Just because one person at LPS said everything is fine make sure and check in with them during the escrow process and keep them updated on any San Jose Probate sales when there is no money to pay the mortgage.
2. Have the San Jose Probate sale lawyer keep in regular contact with the mortgage company, especially if it is Wells Fargo, who is the most aggressive about trying to protect their investment by changing locks and winterizing vacant homes that are in default. I don't blame them, but in this case it was definitely over kill!
3. Confirm with the Title Company of a San Jose Probate sale that they let the lender know we have recorded even though the money will not be at the bank the next day because of a holiday.
Hopefully the next time I think I am out of a San Jose Probate Sale I will not get pulled back in.
If you have any questions about San Jose Probate sales please feel free to contact me.
Marcy Moyer
marcy@marcumoyer.com
D.R.E. 01191194
650-619-9285
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