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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Buying the 2nd's interest before auction? Posted by Ward-CA- on July 01, 2001 at 11:25 AM In Reply to: Buying a Seconds interest before auction? posted by Kim on June 26, 2001 at 12:30 AM : Hey its me again,, I bug I know.. I was just curious from reading a prior question about buying out a 2nd beneficiary interest. Would you approach the beneficiary as soon as the notice of default is recorded or wait until the last minute..His costs are already incurring on the default procedure. My interest would definately not be to own a 2nd and have the payments brought current before the trustee sale. Can you try to buy the title after the sale from the 2nd if nobody shows up at the sale? Im trying real hard HA HA KIM =•=•=•=•=•=•=•=•=•=•=•= Kim, this is a strategy that works best in a strong seller’s market, like right now in Southern CA. In that instance you’d buy the 2nd note holder’s interest about 15 days after the recording of the NOD on the 1st. That way you won’t have to convince the junior note holder that things are looking a lot tougher for her, getting notice of the NOD made her a believer. You won’t always be able to predict if the defaulting owner will cure her foreclosure by simply making up the back payments plus penalties. And if it happens, you can sell your up-to-date, junior note at a 20% discount in the Sunday’s classifieds in the “Mortgages and Deeds of Trust For Sale” column. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hey its me again,, I bug I know.. I was just curious from reading a prior question about buying out a 2nd beneficiary interest. Would you approach the beneficiary as soon as the notice of default is recorded or wait until the last minute..His costs are already incurring on the default procedure. My interest would definately not be to own a 2nd and have the payments brought current before the trustee sale. Can you try to buy the title after the sale from the 2nd if nobody shows up at the sale? Im trying real hard HA HA KIM : =•=•=•=•=•=•=•=•=•=•=•= : Kim, this is a strategy that works best in a strong seller’s market, like right now in Southern CA. In that instance you’d buy the 2nd note holder’s interest about 15 days after the recording of the NOD on the 1st. That way you won’t have to convince the junior note holder that things are looking a lot tougher for her, getting notice of the NOD made her a believer. : You won’t always be able to predict if the defaulting owner will cure her foreclosure by simply making up the back payments plus penalties. And if it happens, you can sell your up-to-date, junior note at a 20% discount in the Sunday’s classifieds in the “Mortgages and Deeds of Trust For Sale” column. 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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