Q: When I purchased my home there was a fictitious trust deed wit a statue of limitations of 60 years it also gained intere
The realtor elementary the fictitious after two years and rewrote my note a trustee got paid $16000 there is a satisfaction deed and a reconveyance I was 25 years I was clueless as to what happened
A:
Under California law, a fictitious deed of trust is typically used for the purpose of securing future advances or obligations under a line of credit. If the fictitious deed of trust was eliminated and the note was rewritten, it's essential to understand the terms and conditions of the new arrangement. It's common for trustees to be compensated for their role, but the fee should be reasonable and customary for the services rendered.
A satisfaction deed signifies that the obligation secured by the deed of trust has been satisfied, and a reconveyance releases the property from the lien of the deed of trust. If you feel there were any irregularities or misconduct in this process, it may be prudent to thoroughly review all documents and consider seeking legal counsel to ensure your rights were protected and you were not taken advantage of due to your age or lack of understanding at the time.
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