What Does Substitute Trustee Letter Mean?

What Does Substitute Trustee Letter Mean??: "Re: What Does Substitute Trustee Letter Mean??
Deeds of trust, at the time they are recorded, identify the trustor (borrower), the beneficiary (lender), and the trustee. The trustee is usually a corporation, and holds what has been characterized as "bare legal title" to the property. The trustee has only two jobs. The first is to execute a deed of reconveyance when the loan is paid off. This document releases the trustee's "bare legal title" to the property, conveying that interest to the property owner. The second job is when requested by the lender, to handle a non-judicial foreclosure of the property.

Trustees come and go (typically out of business). Lenders contract with foreclosure companies to handle their foreclosure. The lender replaces the existing trustee with the foreclosure company it hires to handle the foreclosure. The foreclosure company becomes the "substitute trustee" as the result of their designation in a "substitution of trustee" form that is signed by the lender, naming the foreclosure company as the "substitute trustee" once that form has been recorded."

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I'm in CA so a caveat to take any difference between NV and CA law into account. In CA, the trustee is supposedly the "neutral party" named in the original deed of trust. In actuality, said trustee, is often a subsidiary (i.e. not really neutral) of the loan servicer. A substitution of trustee is fairly common, and the trust deed affords this right. It doesn't relate to the current media attention on chain of title and MERS, etc. You may attempt to communicate with both. However, in my experience, you may not get much info from the trustee, who most often will advise you to contact your "beneficiary", i.e.the lender or loan server. However, you can confirm certain info with the trustee, like the NOD date, the sale date, and sometimes the $$ amount to cure (reinstate) the deficiency.

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   So I get that after a Substitution of Trustee has been filed, the new trustee is another go-between entity between the homeowner and the beneficiary (bank).
   
   I've been watching my county recorder's office website to see if any new notices have been filed against my house. Nothing since May, and I make a note to check every 10 days or so. From what I understand, they (the new trustee) will have to file a new NOD before anything else can move forward.
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   ...have you had a NOD filed before? You mentioned "new NOD" that's why I ask. Our experience(s) with the substitution of trustee was that shortly after that was received, we received the NOD from them. In our case, that NOD was subsequently canceled (by the lender for their reasons, something about not having clear title at the time, they said). We found this out by speaking directly to the new trustee..so we were able to still speak to both, and as Tomeason said, they can give general info. Later, they re-did the substitution of trustee again (same trustee), sent brand new NOD with new clock ticking...and since we just received the NTS last week, that came from them as well.