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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: 2nd deed forclosure Posted by Ward-CA- on February 10, 2002 at 7:42 AM In Reply to: Re: 2nd deed forclosure posted by caral on February 10, 2002 at 0:19 AM : FINALLY a straight answer! The amount of the first note and TD : is/or was about 93,200, when first I sold the house to them for : $104,000. I have watched the local paper in Bend Oregon, and : have not as yet seen another forclosure from the mortgage or bank. : Hopefully I can get my forclosure started first, as I am assuming : that if they file one, mine would be a moot point. Can you tell : me if this is the case? Also, how can I find out who the : lienholder is? Do I need to contact them at all? : I can't thank you enough for your help Ward. As I am living in : Washington now and trying to get anything done is been a nightmare : for me. : Thanks Again, Caral =•=•=•=•=•=•=•=•=•=•= Caral, let’s say that the maximum price a foreclosure would be bid up to in Bend, OR is 80% of its currently perceived fair market value minus the balance of any 1st trust deed. In your case that would be (80 percent of 130, minus the 93,200 owing on the 1st = 10,800). Since your opening bid on your second would be about $25,000 I would predict no one would bid at your foreclosure auction. In the absence of any outside bid you would end up owning the house, subject to the remaining 1st of approximately $93,200 that you would have to start paying on. In addition you’d have to pay any delinquent property taxes too once you become the owner. And you’d have to convince the ex-owner, either voluntarily or by threatening eviction, to vacate the premises so you could rent it out to a paying customer. If the property was worth more like $150K then you’d have a good chance of being cashed out at the foreclosure sale of your 2nd trust deed. If the 1st starts their foreclosure before you do then you’d have the right to cure their foreclosure by making up the back payments and adding that advance to the balance owed you and start your own foreclosure. To make sure you don’t somehow miss noticing when the 1st has started a foreclosure you should record a Request For Notice in the County Recorder’s office in Deschutes County, where the property is located. Any title company (the customer service dept.) in Deschutes County will freely provide you with the proper form and with a copy of the recorded 1st trust deed on the property (have them fax it to you or to a Staples or Kinkos store near you). You need the copy of the recorded 1st (the lienholder’s name will be on it) for the information required to fill out the Request For Notice. Once you’ve completed the Request For Notice just mail it to the Recorder’s office in Bend with your check for the recording fee. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : FINALLY a straight answer! The amount of the first note and TD : : is/or was about 93,200, when first I sold the house to them for : : $104,000. I have watched the local paper in Bend Oregon, and : : have not as yet seen another forclosure from the mortgage or bank. : : Hopefully I can get my forclosure started first, as I am assuming : : that if they file one, mine would be a moot point. Can you tell : : me if this is the case? Also, how can I find out who the : : lienholder is? Do I need to contact them at all? : : I can't thank you enough for your help Ward. As I am living in : : Washington now and trying to get anything done is been a nightmare : : for me. : : Thanks Again, Caral : =•=•=•=•=•=•=•=•=•=•= : Caral, let’s say that the maximum price a foreclosure would be bid up to in Bend, OR is 80% of its currently perceived fair market value minus the balance of any 1st trust deed. In your case that would be (80 percent of 130, minus the 93,200 owing on the 1st = 10,800). : Since your opening bid on your second would be about $25,000 I would predict no one would bid at your foreclosure auction. In the absence of any outside bid you would end up owning the house, subject to the remaining 1st of approximately $93,200 that you would have to start paying on. In addition you’d have to pay any delinquent property taxes too once you become the owner. And you’d have to convince the ex-owner, either voluntarily or by threatening eviction, to vacate the premises so you could rent it out to a paying customer. : If the property was worth more like $150K then you’d have a good chance of being cashed out at the foreclosure sale of your 2nd trust deed. : If the 1st starts their foreclosure before you do then you’d have the right to cure their foreclosure by making up the back payments and adding that advance to the balance owed you and start your own foreclosure. : To make sure you don’t somehow miss noticing when the 1st has started a foreclosure you should record a Request For Notice in the County Recorder’s office in Deschutes County, where the property is located. Any title company (the customer service dept.) in Deschutes County will freely provide you with the proper form and with a copy of the recorded 1st trust deed on the property (have them fax it to you or to a Staples or Kinkos store near you). : You need the copy of the recorded 1st (the lienholder’s name will be on it) for the information required to fill out the Request For Notice. Once you’ve completed the Request For Notice just mail it to the Recorder’s office in Bend with your check for the recording fee. 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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