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|User Info||Need Help on Short Sale; entered at 2012-03-26 17:33:54|
Registered: 2007-07-27 Phoenix, AZ
This has probably been discussed ad infinitum....but I just haven't been staying current. |
I am buying a "short sale" property in AZ. I have it in writing from both Chase (1st) and PNC (2nd) that they will sign off on the outstanding loans. However MERS was named as nominal trustee during resale in 2004. When a trustee sale was to take place on Aug. 9, 2011 after the borrower defaulted the Notice of Substitution of Trustee included this paragraph.
"U.S. Bank National Association, as Trustee, successor in Interest to Bank of America, National Association as Trustee as Successor by merger to LaSalle Bank, National Association as Trustee for Washington Mutual Mortgage Pass-Through Certificates WMALT 2005-1 by JPMorgan Chase Bank, National Association as attorney-in-fact".
The Notice of Substitution of Trustee was signed in Los Angeles County. The loan number on this form matches the loan number on the written release from Chase. As expected, the title officer says she has no way of tracking any other assignments made through MERS and that we will have to rely on the title policy being issued by Fidelity if there is a problem. She said she has been doing short sales for 3-4 years, this is all perfectly "normal" and they haven't had any problems "yet".
I guess my short question is "can I do anything to protect myself from being victimized by a multiple assignment?"