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Updated over 9 years ago on . Most recent reply

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Bob Malecki#5 Tax Liens & Mortgage Notes Contributor
  • Investor
  • Kingston, WA
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Current trustee upset on note being purchased, can he just resign

Bob Malecki#5 Tax Liens & Mortgage Notes Contributor
  • Investor
  • Kingston, WA
Posted

I purchased a 1st position note on a residence in WA state, which the seller had started the foreclosure process and hired her attorney to do the FC. During the first 30 day period, I bought the note, had the assignment recorded and currently having it boarded at FCI. In the mean time the note seller's attorney met with the borrowers since they requested mediation. Once FCI completes the boarding process they will assign a trustee to relieve the current trustee of his duties and we will restart the FC with the new trustee in place. 

Right now the seller's attorney/current trustee is upset as to how long this is taking. Can he just resign as the FC trustee? Would this then just revert the trustee back to the title company that was the original trustee on the Deed Of Trust? 

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