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2nd lien strip but it was conveyed to recontrust

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  • 2nd lien strip but it was conveyed to recontrust

    We just completed our bk and our second was stripped and we recorded the paperwork.
    however we just receved a recorded instrument (substitution of trustee and full reconveyance) naming as us as trustors and bofa as trustee and substitutes a new trustee recontrust company.

    is that correct? If there is no longer a second lien why convey to new trustee shouldn' it be us or something that says paid or released?

  • #2
    There's a reconveyance and a separate substitution of trustee? Perhaps BoA is using ReconTrust to handle the reconveyance since ReconTrust does handle these types of cases (bankruptcy, foreclosure, etc). After recording a new Trustee as ReconTrust, ReconTrust they reconveyed the property back to you.

    You would need to look at the order of the two recorded instruments.

    (Releases are typically for a Deed of Mortgage, but you have a Deed of Trust. Deeds of Trust are reconveyed. The reconveyance is what take the property from the control of the Trustee and gives it back to the owners. That reconveyance is typically done only after the note is satisfied, voided, or cancelled. At least this is my understanding. I have held both Deeds of Trust and Deeds of Mortgage. I really hate Deeds of Trust!)
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      Here' the weird part. Bofa also sent us a letter to accelerate the first loan saying we missed payments whil in bk which is not true. But they won' listen. Do we go back to bk? We'e sent them statements from our bank showing proof of payment but everytime we talk to them they chang the amount from 7000 to 2500 the other weird part is that they are whole numbers. 7000 4500 and 2500. No one can explain what the hell is going on.


      • #4
        Yes you reopen the case and file a Motion for Sanctions for the Willful Violation of the Discharge Order and Permanent Discharge Injunction. When a Chapter 13 is closed out, there's a notice sent to creditors called the final cure notice. If they didn't object to the discharge and the final cure, then everything should have been okay. I'm assuming that you paid your regular mortgage (as well as any arrears) through the Trustee.

        I would re-enlist my Chapter 13 attorney. They can earn their fees by seeking sanctions. You'll have to be able to prove only the portions which you paid directly as the cure notice should have dealt with any pre-petition arrearages.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.


        • #5
          [Edit for clarity after combination of threads: The following is in response to the initial question, not the later question about Bank of America's attempt to collect.]

          This is very common and not anything for you to be worried about. In a deed of trust, the borrower is the trustor, the lender is the beneficiary and the trustee is the party (usually a title company at the origination of the loan) who has the power to foreclose or sign a reconveyance when it receives notice that one of those actions is appropriate. The beneficiary usually has the power to change the trustee. The original trustee is either no longer in business, or is no longer the company that Bank of America uses as its trustee. The substitution of trustee and reconveyance is the combination of two actions in one document. Many lenders will record a reconveyance after the court issues the lien strip order. I was ready to record my lien strip order when I received the recorded reconveyance from Bank of America, so I didn't bother to record the order. It is good to have the reconveyance recorded because it is evidence for future buyers that Bank of America recognizes that it no longer has an interest in your property.
          Last edited by LadyInTheRed; 02-26-2018, 04:13 PM.
          LadyInTheRed is in the black!
          Filed Chap 13 April 2010. Discharged May 2015.
          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


          • #6
            I merged two different threads. I deleted the old thread as it was in the wrong section of the site.

            Joehomeowner , please avoid asking the same questions in different areas of the site. It will only dillute the answers and make it difficult for others to follow the thread and response.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            I am not an attorney. Any advice provided is not legal advice.


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