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Updated about 7 years ago on . Most recent reply

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Wai Chan
  • Rental Property Investor
  • San Diego, CA
42
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78
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Payoff demand question with deed of trust

Wai Chan
  • Rental Property Investor
  • San Diego, CA
Posted

Hi, I am holding a CA deed of trust against a property with X amount dollars on it. However, I am also holding another promissory notes with Y amounts dollars from the same person which is already past due (no deed of trust). Upon the sale of the property thatI hold the deed of trust, can I request a total of X+Y amounts of dollars on the payoff demand statement from escrow? or am I only allowed to get X amounts of money which is shown on the deed of trust?

Another question is:

Do I need to have the original copy of the deed of trust and the original copies of the notes to get back the money? I have photocopies of the notes with both parties signatures which are notarized. I also have the photocopies of the deed of trust that is recorded with the county.

Thanks.

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,509
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

On a pay off for the property, you are only entitled to the note with a mtg. The Y note has no lien/interest in the property.

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