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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Paying off the 2nd... Posted by Paul on May 24, 2005 at 5:54 PM In Reply to: Paying off the 2nd... posted by Ward-CA- on March 28, 2004 at 11:26 PM Hello, As a corollary question, the Bank VP at my new Bank told me, if I pay the 2nd TD at auction, the 1st TD original trustor (in default of the 2nd) is still in possesion of the 1st TD. He was saying I'm only buying a 2nd position in the title. Sounded strange, but hey I'm just starting out. From what you are saying about winning the auction for the 2nd TD I have title, except for the senior liens that I now owe, not the original borrower that went default from the 2nd TD. Is this correct and is the Bank VP abit confused? : : If I buy the 2nd at auction does that mean I now own the property and all I have to do is make the first payments (current) or refinance the first? Basically my question is do I own the property at this time. : : Thank you, : : Mike : ================ : Mike, : You're not really buying the trust deed at auction—you're paying off the trust deed that’s in default, and as a consequence getting the title to the property. Your title will be subject to whatever senior liens remain. : Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Hello, : As a corollary question, the Bank VP at my new Bank told me, if I pay the 2nd TD at auction, the 1st TD original trustor (in default of the 2nd) is still in possesion of the 1st TD. He was saying I'm only buying a 2nd position in the title. Sounded strange, but hey I'm just starting out. : From what you are saying about winning the auction for the 2nd TD I have title, except for the senior liens that I now owe, not the original borrower that went default from the 2nd TD. Is this correct and is the Bank VP abit confused? : : : If I buy the 2nd at auction does that mean I now own the property and all I have to do is make the first payments (current) or refinance the first? Basically my question is do I own the property at this time. : : : Thank you, : : : Mike : : ================ : : Mike, : : You're not really buying the trust deed at auction—you're paying off the trust deed that’s in default, and as a consequence getting the title to the property. Your title will be subject to whatever senior liens remain. : : 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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