Is This A Valid Deed Of Trust Or Not?
I'm trying to figure out if I buy this duplex at auction, will I have an interest in the property or not?
Here's the facts: First DTR of 51k, from 1996, is in foreclosure, trustee sale 7/1. FMV is 179k. The woman obtained a DTR in 1996, on which she was the only signee. However, she was not the only owner of record when she applied for and got approved for the DTR. So that's issue #1, can you have a valid DTR if you only own a 50% interest in the property, and the other party does not sign?
Issue #2 is that a few hours before this DTR was recorded, she deeded her interest (B&S deed) in the property to 3 other family members, so, the DTR was recorded, but if she was not the owner or record when the DTR was recorded, is it a valid DTR?
Confusing, I know...any thoughts?
In Iowa yes...
You should consult a local attorney for the best answer.