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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: 2nd deed forclosure Posted by Ward-CA- on February 09, 2002 at 4:00 PM In Reply to: 2nd deed forclosure posted by caral on February 08, 2002 at 7:45 PM : I am holding a 2nd deed of trust for 20,800. Property is worth 130K+ Owners have had 2 prior forclosures filed against them from the lender of 1st mortgage. Both of these were held off by filing of Chapter 13. Both Chapter 13 BR's were dismissed. With arrearage's etc. they owe me more than 25,000. I have tried to contact them and their attnys with no response. If I forclose, do I have to pay back taxes and the 1st note? If I forclose, do i bid for my own amount or what? This is very frustrating, as the attorney i talked too told me I would not, in all liklihood to get anything from them. What process should I proceed with? Any information you could send me would be very much appreciated as I can not afford attny's fees. Thank you =•=•=•=•=•=•=•=•=•=•= Caral, you don’t have to pay the delinquent property taxes, nor the arrearages on the 1st, in order to foreclose on your 2nd trust deed. Your trustee will open the bidding of your foreclosure sale for the exact amount owed you, according to the figures you agree with and approve. The name of your trustee is stated in your deed of trust. It will usually be a title company, but it could be some other reliable entity too. You don’t mention the balance of the 1st. Thus it’s not possible to figure the amount of equity up for grabs. If it’s attractive your trustee’s sale will be attended by outside bidders and you will be cashed out as a consequence. At this point contact your trustee and instruct them to foreclose against your non-paying second. Hope this helps. Follow Ups: Re: 2nd deed forclosure karen 6:27 AM, 10/17/08 (0) Re: 2nd deed forclosure caral 0:19 AM, 02/10/02 (1) Re: 2nd deed forclosure Ward-CA- 7:42 AM, 02/10/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I am holding a 2nd deed of trust for 20,800. Property is worth 130K+ Owners have had 2 prior forclosures filed against them from the lender of 1st mortgage. Both of these were held off by filing of Chapter 13. Both Chapter 13 BR's were dismissed. With arrearage's etc. they owe me more than 25,000. I have tried to contact them and their attnys with no response. If I forclose, do I have to pay back taxes and the 1st note? If I forclose, do i bid for my own amount or what? This is very frustrating, as the attorney i talked too told me I would not, in all liklihood to get anything from them. What process should I proceed with? Any information you could send me would be very much appreciated as I can not afford attny's fees. Thank you : =•=•=•=•=•=•=•=•=•=•= : Caral, you don’t have to pay the delinquent property taxes, nor the arrearages on the 1st, in order to foreclose on your 2nd trust deed. Your trustee will open the bidding of your foreclosure sale for the exact amount owed you, according to the figures you agree with and approve. The name of your trustee is stated in your deed of trust. It will usually be a title company, but it could be some other reliable entity too. : You don’t mention the balance of the 1st. Thus it’s not possible to figure the amount of equity up for grabs. If it’s attractive your trustee’s sale will be attended by outside bidders and you will be cashed out as a consequence. : At this point contact your trustee and instruct them to foreclose against your non-paying second. : Hope this helps. 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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