InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Possiblities Posted by kawikaCA on August 10, 2004 at 7:27 PM In Reply to: equity buyout confusion posted by Rick on August 10, 2004 at 6:57 PM : I have, what to me seems to be, a complicated situation. : I sold my home to an equity buyer after receiving a NOD. : I have signed over the deed, but have arranged to continue : living in the house until I find another place to live. : I owed $23,000.00 in back mortgage payments. In addition : to the 1st mortgage, my ex wife held a 2nd (80,000) and my : bank held a 3rd (50,000)which the new owners were intending : to pay at the COE. Recently, both the 2nd and the 3rd were : bought by seperate investors. This past weekend, I received : from my mortgage company a statement indicating an $8,000.00 : payment which, according to the mortgage company brings my : account current. I have also received a Notice of Recission : of NOD from the title company. The weird thing is - the new : owners did not make the payments. My question is - could one : of the investors who bought the 2nd and 3rd have made these : mortgage payments? And if so, why? Also, will the new owners : be adversly affected by this recent development? I am clueless : in this arena and would like some help understanding what is : going on. Thanks! ========================= Since you owed $23K and $8K payment on the 1st brought it current, I would guess the 2nd paid it in order to file their own NOD and move their own foreclosure forward in priority. Did they file an NOD already? Follow Ups: Re: Possiblities Rick 8:52 PM, 08/10/04 (1) Re: Possiblities sathizfakshon 4:17 AM, 08/12/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I have, what to me seems to be, a complicated situation. : : I sold my home to an equity buyer after receiving a NOD. : : I have signed over the deed, but have arranged to continue : : living in the house until I find another place to live. : : I owed $23,000.00 in back mortgage payments. In addition : : to the 1st mortgage, my ex wife held a 2nd (80,000) and my : : bank held a 3rd (50,000)which the new owners were intending : : to pay at the COE. Recently, both the 2nd and the 3rd were : : bought by seperate investors. This past weekend, I received : : from my mortgage company a statement indicating an $8,000.00 : : payment which, according to the mortgage company brings my : : account current. I have also received a Notice of Recission : : of NOD from the title company. The weird thing is - the new : : owners did not make the payments. My question is - could one : : of the investors who bought the 2nd and 3rd have made these : : mortgage payments? And if so, why? Also, will the new owners : : be adversly affected by this recent development? I am clueless : : in this arena and would like some help understanding what is : : going on. Thanks! : ========================= : Since you owed $23K and $8K payment on the 1st brought it current, I would guess the 2nd paid it in order to file their own NOD and move their own foreclosure forward in priority. Did they file an NOD already? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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 © 1997-2004, 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