I believe these are the only two documents filed in my county which may signify a foreclosure… a trustee’s deed almost always does… but a substitute trustee doc i’m not so sure about.
What percentage do you guys think when a substitute trustee is recorded signifies a pending foreclosure?
100%. The owner of record of the deed of trust has to appoint a substitute trustee before the foreclosure if they do not use the original trustee to do the foreclosure. The substitute trustee has to file the doc before they can start the foreclosure.
A trustee’s deed is actually after the foreclosure. It is the deed you get when you buy at the foreclosure sale. There is also a substitute trustee’s deed but is is the same as the trustee deed but from the substitute trustee instead of the original trustee.
The reason you see substition of trustee before foreclosure filings is because the servicing trustee, the one who received the trust deed when it was created, is usually not the same trustee who executes the foreclosure process. There are trustee’s who do nothing but handle foreclosures.