Legal Question in Real Estate Law in California

There are three corporations in California which are active and qualified to do business here whose names contain "NRZ," and none of them is NRZ REO IV. I suspect this is a hoax or scam, especially if you have not previously been served with any related warnings or other documents. However, you should go to the clerk's office and obtain a copy of the "12-page complaint," and if it contains any truth or substance whatsoever, take it to a real estate lawyer for an initial consultation.

NRZ REO IV is a subsidiary of New Residential Investment Corp., both Delaware corporations. If all NRZ REO IV does in CA is own property, it doesn't have to register as a foreign corporation. Hence Mr. Whipple's failure to turn up a CA record on them. New Residential Investment Corp. is not a standard corporation, but rather a Real Estate Investment Trust that focuses on residential real estate investments, mainly in the mortgage and mortgage excess servicing markets. The "REO" designation almost certainly means this subsidiary was set up to handle "Real Estate - Owned" in banking terms, which means properties the lender has foreclosed on and taken back at the foreclosure sale, rather than properties sold at foreclosure to third parties and the bank gets the cash. All of which is a long way of saying you may THINK the property is not in jeopardy of foreclosure, but the lender thinks it has already been foreclosed on. Most likely the daughters have not properly handled the financial aspects of the property either starting before the father passed away, or in handling of his estate. You need to talk to a lawyer right away with a copy of the complaint in hand.