Real Property Trustee, Inc. (RPT) does not typically require a deposit to start a foreclosure. All fees and costs are added to the debt and are paid by the property owner/borrower when they reinstate or payoff the loan or if the property is ultimately sold to a third party at the foreclosure sale.
The Lender/Investor/Beneficiary is only required to pay RPT’s fees if Lender cancels the foreclosure after it has been started or if Lender becomes the owner at the foreclosure sale. The fees are typically 1% of the total debt amount plus processing costs (title insurance, recordings, mailings, publication, posting, etc.).
As an additional, optional service, RPT retains an attorney for any related legal challenges, including preserving security, litigation, or bankruptcy. The attorney is available to the Lender and will advise as to Lender’s available remedies. The attorney fee is $450.00 per hour billed at minimum of 0.25 hourly increments. Any attorney fees incurred by the Lender are added to the total debt and recoverable at reinstatement, payoff or the Trustee’s Sale.