ASGT Trust DEED??? Anyone know what this means?

[depeche3]

We filed BK in July and included the first and second mortgage. Our 341 was 8/25 and on 8/30 received our "No distribution" entry on Pacer. Nothing else has been added on Pacer since. Our first is with GMAC and second is SLS. We have received NOTHING from either of them since we filed. Today I looked on my county recorder's site and it says this....... "9/21 ASGT Trust Deed"..................Anyone know what it means in relation to all this? Thanks in advance!

[ccsjoe]

They've assigned the trust deed to a third party, possibly in preparation for foreclosure via Trustee Sale. When our previous LL lost our home, his deed was assigned from BofA to Recontrust to another third party, and then we got the notice of public auction. Yes, I was aware of my LL's situation and double checked what he was telling me against county recorder documents regularly.

Have you continued paying or are you surrendering? If surrendering, then this is probably why.

[depeche3]

Well we are doing the "pay and stay" but we haven't paid since June so we are 3 months behind. Shouldn't we have gotten any correspondence from GMAC? Don't they have to file the NOD first? In the end it is our intent to leave but I thought we'd have more time. I'm just not sure what the ASGT Trust Deed means.

[justbroke]

GMAC didn't contact you because of the automatic stay and the bankruptcy! Primarily that they don't want to be in violation for "demanding" payment!

Being 3 months behind will certainly cause a foreclosure. That assignment is, as stated earlier, preparation for a foreclosure. Unfortunately since that's a deed of trust, the foreclosure is non-judicial and a "mini-hearing" is held before the Clerk of the Court. There is hardly any defense to a non-judicial foreclosure for a Deed of Trust, since the deed is always held by a third party. The Trustee only needs to prove that you're not paying.

I don't know what your intentions are, but you are probably going to start seeing correspondence real soon now.

[ccsjoe]

Now that you've explained your intent, stay and pay, you need to get on the phone with your lender now and figure out how to bring the balance current before they continue progressing with the foreclosure. Like jb said, they likely have not contacted you due to the bk. However, if you are in CA, you will see an NOD recorded in your county recorder's office soon. Going to PACER does nothing for you regarding the house since CA is non-judicial, you keep track of your foreclosure via county recordings.