California  |  Real Estate Law

Re: Forclosing on Property in Escrow

There should be a "benefit", assuming you have a properly recorded deed of trust. Customarily, escrow contacts you to get a beneficiary demand which advises as to the amount of the outstanding lien, and if the buyer is paying all cash, you should be paid off. Alternatively, if the loan is assumable, you may be brought "current" and the new purchaser will take subject to the deed of trust securing your note and must continue to make the payments provided for in the note. Good luck!

Re: Forclosing on Property in Escrow

If the new buyer is seeking financing (a purchase money loan from a lender) and if your note is properly secured by the real property, your note will be paid in full at the time of escrow closing. The escrow company will ask you for a payoff demand.

If not, you need the help of an attorney immediately. Call with any questions (free call) 949/548-1700.

Re: Forclosing on Property in Escrow

I suggest you start foreclosure proceedings. If the house does not sell and close escrow, you would benefit. Please call us at 714 363 0220 for any further assistance.

Re: Forclosing on Property in Escrow

I am assuming that your note and deed of trust was recorded with the county. If that is the case, then you will need to send a demand for payment to the title company. If you have not recorded the note, you may need to file a suit to protect your interests.

Re: Forclosing on Property in Escrow

You mean the property is in the process of being sold since it is still in escrow. You need an attorney to look over that escrow file and make sure you are safe and that your note along with any late fees or interest will be paid from the sale. It is unclear without looking at the file if going for foreclosure immediately would be your best move. You can hire me and be sure to make the right call. 310-266-4115 Christopher Brainard, Esq.

Re: Forclosing on Property in Escrow

I hope you hold a trust deed on the property. If not it may be sold out from under the note. If a trust deed is recorded, it will likely be paid at time of closing. Need more info. Call to discuss.