InnoVest's Foreclosure Forum
Ward takes the stairs.

InnoVest Resource Management's

Foreclosure Forum

Home

Discussion Board

"Hands-On" Training

Title Holding Trust

Annual Reunion

Speaking Schedule

Store

Foreclosure Fundamentals

Code References

Recent Legislation

50 State Foreclosure Basics

Foreclosure Glossary

Foreclosure Statistics

75+ Yrs Interest Rates

Fillable Forms

Archived Articles

Dingbat Retirement Plan

Links

Booklist

Contact / Map | Priceline Tips

About Us

Home

 

Innovest Resource Management BBB Business Review

2 Sales, 2 Trustee's Deeds, Same Property, Title?

June 04, 2015 01:00PM
My situation in Missouri -- You got foreclosing lender A with a $30k 2nd Deed of Trust (mortgage) on a property with the sale scheduled June 15. You got foreclosing lender X with an unpaid $55k 1st Deed of Trust on the same property with the sale scheduled June 25. So what can now happen after the the lender A sale on June 15??

Lender A can get a Trustee's Deed to the property if there are no other bidders. Or another, higher bidder, can get a Trustee's Deed to the property. In either case, the 2nd DT lien is wiped out and they have a deed to the property. However, it is still subject to the 1st Deed of Trust that still exists!

Now, the June 25 foreclosure sale is held. The winning bidder from the June 15 sale with the Trustee's Deed can bid at this sale but why would they? Just to prevent anyone else from getting another Trustee's Deed? It seems like that is their only choice. If, however, there is a new, different party that ends up the high bidder (such as myself), that new party willl get a Trustee's Deed.. Although both Deeds of Trust liens are now wiped out, there are two Trustee's Deeds. Will this result in a title problem?

It appears to me that the earlier June 15 sale should be cancelled by lender A since I can't see how they can benefit from going forward with their sale only to be followed by the second scheduled sale. I am interested in bidding but don't know how to proceed. I will definitely stay away from the June 15 sale since it doesn't wipe out the 1st lien. But then can I safely bid at the June 25 sale and get good title? Your thoughts please. Thanks...
Subject Author Views Posted

2 Sales, 2 Trustee's Deeds, Same Property, Title?

larrygs 2847 June 04, 2015 01:00PM

Re: 2 Sales, 2 Trustee's Deeds, Same Property, Title?

Bill H 1601 June 04, 2015 03:42PM

Re: 2 Sales, 2 Trustee's Deeds, Same Property, Title?

larrygs 1434 June 04, 2015 06:25PM

Re: 2 Sales, 2 Trustee's Deeds, Same Property, Title?

Bill H 1347 June 04, 2015 09:43PM

Re: 2 Sales, 2 Trustee's Deeds, Same Property, Title?

mikebick 1310 July 04, 2015 05:30PM



Sorry, only registered users may post in this forum.

Click here to login

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2019, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455