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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Junior bene's right of reinstatement. Posted by Ward-CA- on February 21, 2002 at 8:05 AM In Reply to: seller carry back posted by Susan on February 19, 2002 at 7:47 PM : Looking for advise please. I live in California. I hold the second as a seller carryback. Payments to me are up to date. The lender has filed a NOD on the first. It is my understanding that I have the right to bring the note current (reinstated) as the junior lienholder. What are my options after that? If they become delinquent on my note I know I can file a NOD ... but if they keep me current and allow the first note to become delinquent again ... then what? Am I just setting myself up in a bad situation? This sale was a nightmare from the day escrow closed and these purchasers have been impossible to communicate with. They filed for Chpt. 13 four months after escrow closed. My funds are extremely limited as I am disabled. A point in the right direction would be most appreciated ... thank you. =•=•=•=•=•=•=•=•=•=•= Susan, as a junior lender you’re entitled to the right to reinstate the foreclosing first trust deed and then demand reimbursement from the property owner under the penalty of an immediate foreclosure filing by you. Based on your experience I would reinstate the 1st and immediately file your foreclosure without hesitation. Good luck. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Looking for advise please. I live in California. I hold the second as a seller carryback. Payments to me are up to date. The lender has filed a NOD on the first. It is my understanding that I have the right to bring the note current (reinstated) as the junior lienholder. What are my options after that? If they become delinquent on my note I know I can file a NOD ... but if they keep me current and allow the first note to become delinquent again ... then what? Am I just setting myself up in a bad situation? This sale was a nightmare from the day escrow closed and these purchasers have been impossible to communicate with. They filed for Chpt. 13 four months after escrow closed. My funds are extremely limited as I am disabled. A point in the right direction would be most appreciated ... thank you. : =•=•=•=•=•=•=•=•=•=•= : Susan, as a junior lender you’re entitled to the right to reinstate the foreclosing first trust deed and then demand reimbursement from the property owner under the penalty of an immediate foreclosure filing by you. : Based on your experience I would reinstate the 1st and immediately file your foreclosure without hesitation. : Good luck. 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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