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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: CA reinstatement time period. Posted by Ward-CA- on February 18, 2002 at 7:31 AM In Reply to: 2 questions here posted by Dante on February 16, 2002 at 7:28 PM : 1.) In a situation with a first and second (both institutional lenders) and the first is foreclosing (assume we are now in the 21 day period of the process), if I buy out the second position and bring the first current, does the clock start all over again with the 3 month/21 day cycle if I (holder of the second now)foreclose (assuming my newly purchased note has the superior leans kept current clause in it) or does the clock continue to click in the original foreclosure in which the sale will occur at the end of the 21 day period I mentioned above? : 2.) Up to what point in the 21 day period would it be safe, in terms of having enough time, to buy the second and bring the first current (obviously the more time, the better) but would 10 days before the sale be enough? =•=•=•=•=•=•=•=•=•=•= Dante, you don’t mention what state you’re in, so I’m going to assume it’s CA and answer accordingly. 1). When a foreclosure is cured by paying all the loan arrearages, late charges, etc. humpty dumpty has been put back together again. Thereafter if the loan goes delinquent again then the beneficiary will have to start a new foreclosure from the beginning. 2). In CA the right to just reinstate the defaulted loan exists up to five business days before the scheduled sale. However, when you’re in the final 5 day zone the beneficiary has the discretion of requiring you to pay the whole loan off rather than just accept the arrearages. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : 1.) In a situation with a first and second (both institutional lenders) and the first is foreclosing (assume we are now in the 21 day period of the process), if I buy out the second position and bring the first current, does the clock start all over again with the 3 month/21 day cycle if I (holder of the second now)foreclose (assuming my newly purchased note has the superior leans kept current clause in it) or does the clock continue to click in the original foreclosure in which the sale will occur at the end of the 21 day period I mentioned above? : : 2.) Up to what point in the 21 day period would it be safe, in terms of having enough time, to buy the second and bring the first current (obviously the more time, the better) but would 10 days before the sale be enough? : =•=•=•=•=•=•=•=•=•=•= : Dante, you don’t mention what state you’re in, so I’m going to assume it’s CA and answer accordingly. : 1). When a foreclosure is cured by paying all the loan arrearages, late charges, etc. humpty dumpty has been put back together again. Thereafter if the loan goes delinquent again then the beneficiary will have to start a new foreclosure from the beginning. : 2). In CA the right to just reinstate the defaulted loan exists up to five business days before the scheduled sale. However, when you’re in the final 5 day zone the beneficiary has the discretion of requiring you to pay the whole loan off rather than just accept the arrearages. 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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