InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Really, need more info. Posted by Ward-CA- on January 20, 2002 at 2:39 PM In Reply to: Opportunity with this 2nd TD? posted by - Alfred -- CA on January 16, 2002 at 4:36 PM : Hi Ward, : Tracked down a junior bene in Tennessee. There is a 55K 2nd secured by a property here in West LA. Turns out their father, who just passed away, sold his house to someone and carried the 55K as a balloon which was due in full in Oct of 2001. The 1st began foreclosure proceedings Dec 5, 2001. Looks to be about 40-50K in equity. Turns out the trustor declared BK and flew the coop. The house is sitting vacant and no one knows where he is. The father's heirs contacted trustor's lawyer and he said "you can't talk to him even if you find him". Anyway... it looks like a shut and closed case and not something for a JBB specialist to pursue. But just wanted to run it by you... do you see any opportunity here or should we just steer clear? Thanks in advance. =•=•=•=•=•=•=•=•=•=•= Alfred, need more info to do an analysis. All I know is that there are two liens, the 2nd is in the amount of $55K and there’s 45K in equity. So the property is worth: FMV= 1st + 55K (2nd) + 45K equity. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward, : : Tracked down a junior bene in Tennessee. There is a 55K 2nd secured by a property here in West LA. Turns out their father, who just passed away, sold his house to someone and carried the 55K as a balloon which was due in full in Oct of 2001. The 1st began foreclosure proceedings Dec 5, 2001. Looks to be about 40-50K in equity. Turns out the trustor declared BK and flew the coop. The house is sitting vacant and no one knows where he is. The father's heirs contacted trustor's lawyer and he said "you can't talk to him even if you find him". Anyway... it looks like a shut and closed case and not something for a JBB specialist to pursue. But just wanted to run it by you... do you see any opportunity here or should we just steer clear? Thanks in advance. : =•=•=•=•=•=•=•=•=•=•= : Alfred, need more info to do an analysis. All I know is that there are two liens, the 2nd is in the amount of $55K and there’s 45K in equity. So the property is worth: : FMV= 1st + 55K (2nd) + 45K equity. 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

Copyright © 1997-2001, InnoVest Resource Management

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