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How do I enforce a REAL PROPERTY of SMALL VALUE DE-305 affidavit with the mortgage company in order to tender the reverse mtg..

Huntington Beach, CA |

I have a fully executed DE-305 (filed and recorded). Wells Fargo is trying to say it is inapplicable to tender the reverse mortgage on my moms house. They tried to foreclose without notice to me as heir. They keep postponing the sale and will not let me sell for 95% of the appraised value. What can i do?

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Attorney answers 1

Posted

A DE-305 is a mandatory Judicial Counsel Form entitled "Affidavit of Real Property of Small Value ($50,000 or Less)" [Probate Code 13200]. This is used ouside of a regular probate proceeding by a person claiming to be the rightful heir or beneficiary to a particular piece of real property that is valued by the probate court referee as being worth no more than $50,000 - gross value not net equity. When this form affidavit is properly completed and recorded, it operates to show marketable title in the affiant and frlm there to the subsequent good faith purchaser for value. SInce the DE-305 wil be recorded after the foreclosing lender's deed of trust, it is junior to the DT and therefore has no effect on the lender's foreclosure rights and processes.

Richard A. Rodgers, Esq.
(805) 230-2525
200 N. Westlake Blvd. Ste 201
Westlake Village, CA 91362
rar@sd-attorneys.com
www.sdresq.com

As stated in the AVVO.COM Terms and Conditions of Use, this answer is not intended as legal advice, and no attorney-client relationship or privilige is created by this response.

Richard Alan Rodgers

Richard Alan Rodgers

Posted

p.s. a foreclosing party has no obligation to send a notice to anyone not enumerated in Civil Code section 2924b,

Asker

Posted

HUD and FHA have provided that notice must be made my the mortgagee to any and all known heirs...Chandler vs Wells Fargo....De-305 transfers interest in the property. As interest holder to the subject property does'nt the Bank have a legal right to notice whoever hold title?

Richard Alan Rodgers

Richard Alan Rodgers

Posted

The DE-305 does not transfer title. The Grant Deed you recorded from yourself to yourself is not properly recorded in the chain of title - Grantor/Granteer Index - therefore, it does not provide constructive notice of ownership interest. To be properly indexed, the Grantor would be the last vested owner, or Administrator of the estate pursuant to court order, and you wouold be the Grantee. You may want to call a title company and talk to them about what you need to get a policy of title insurance.

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