ABOUT INVESTORS TRUSTEE SERVICES
TRUSTEE SALES DIVISION
Investors Trustee Services, Inc.. - is a trustee on the deed of trust which is the security instrument in real estate financing. Investors Trustee Services, Inc. is authorized to be a trustee pursuant to Arizona Revised Statute section 33-803. Investors Trustee Services, Inc. qualifies as a trustee by holding a real estate brokers license issued by the Arizona Department of Real Estate. Principals of Investors Trustee Services, Inc. are Mr. Mitchel S. Medigovich, Sr., Chief Executive Officer and designated broker, Ms. Gay L. Vandas, Secretary/Treasurer and Mr. Charles Sykes, Executive Vice President. Investors Trustee Services, Inc. was chartered in 1995. Currently, Investors Trustee Services, Inc. is trustee for approximately eight hundred (800) trust deeds in Arizona.
In the event of default and at the direction of the beneficiary of a promissory note and deed of trust, foreclosure proceedings shall be initiated by Investors Trustee Services, Inc. The fees charged include a trustee fee equal to one half of one percent (0.5%) of the principal balance of the note, as permitted in Arizona Revised Statutes section 33-813 B.3 for services as a trustee. In addition, Investors Trustee Services, Inc. may be reimbursed expenses including but not limited to trustee sale guarantee reports, publishing a notice of trustee sale in a newspaper, posting a notice of sale on the property being foreclosed, auction expenses, account servicing fees, statement preparation fees, documentation preparation fees, telephone, express mail, certified mail, courier, reconveyance fees, forbearance negotiation fees, property inspection fees or cancellation fees.
A foreclosure is a public auction of the property by which the secured creditor liquidates the property. In the event foreclosure is imminent, the then current principal balance due, plus all accrued and unpaid interest, penalties, legal fees, default interest and other advances by the beneficiary, comprise the minimum opening bid that the trustee of the deed of trust must acquire on behalf of the beneficiaries, to sell the property. If the trustee accepts the minimum bid, the beneficiary receives all proceeds, less costs. The holders of the note are then paid in full. In the event the trustee accepts and receives a bid greater than the minimum, the investors are paid in full and the additional funds are paid to the junior lien holders, if any, then to the Trustor.
If the trustee receives an inadequate bid, the trustee will convey the property to the beneficiary as satisfaction of the deed of trust. In the event of default and subsequent foreclosure wherein the investor obtains the property, Investors Trustee Services., may list the property for sale at the request of the investor. |