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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Here's the Jr. Bene Buyout Concept. Posted by Ward-CA- on January 10, 2002 at 4:52 PM In Reply to: What is the deal with buying 2nd t.d. from the bene. posted by Bryan on January 10, 2002 at 12:34 AM : I think I understand the concept please elaborate : #1 get the lender to sell you the 2nd at a discount : #2 let foreclose or hope it does anyway : #3a if it reverts back to you pay off the 1st and its yours : #3b if it sells at the sale you get the difference between what you paid for the 2nd and the original bid price : is this right thank you =•=•=•=•=•=•=•=•=•=•= Bryan, Here’s how the junior bene buyout concept works: 1). Yes, get the bene of the 2nd to sell their loan to you at a big discount. File a foreclosure on the 2nd the same day you buy it. 2). Hope the property owner refinances or resells the property and your 2nd gets paid off 100% in said escrow. 3). If the 1st’s foreclosure progresses to the NOTS stage then exercise the 2nd’s Right of Reinstatement and cure the foreclosure on the 1st. 4). At the trustee’s sale of your 2nd either an outside bidder will overbid your opening bid at your sale or you end up the owner of the property for want of any outside bidding activity. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I think I understand the concept please elaborate : : #1 get the lender to sell you the 2nd at a discount : : #2 let foreclose or hope it does anyway : : #3a if it reverts back to you pay off the 1st and its yours : : #3b if it sells at the sale you get the difference between what you paid for the 2nd and the original bid price : : is this right thank you : =•=•=•=•=•=•=•=•=•=•= : Bryan, : Here’s how the junior bene buyout concept works: : 1). Yes, get the bene of the 2nd to sell their loan to you at a big discount. File a foreclosure on the 2nd the same day you buy it. : 2). Hope the property owner refinances or resells the property and your 2nd gets paid off 100% in said escrow. : 3). If the 1st’s foreclosure progresses to the NOTS stage then exercise the 2nd’s Right of Reinstatement and cure the foreclosure on the 1st. : 4). At the trustee’s sale of your 2nd either an outside bidder will overbid your opening bid at your sale or you end up the owner of the property for want of any outside bidding activity. 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

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