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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Going forward with your foreclosure purchase Posted by Ward-CA- on March 25, 2002 at 7:02 PM In Reply to: DEAD ENDS: finding info on first mortgage posted by jennifer on March 25, 2002 at 10:26 AM : My husband and I recently bought a forclosure on the 2nd mortgage. The company who had the first mortgage has gone : bankrupt. There are no assignments on the loan. Does this mean that we are not responsible for the first mortgage anymore? : Also, the locks on the home have been changed, and nobody will tell us how to get them. Do we get the locks changed ourselves? There is no need to evict, the home is vacant. : HELP please. =•=•=•=•=•=•=•=•=•=•= Jennifer, you got title to the property by being the highest bidder in paying off the foreclosing 2nd mortgage. The 1st will stay intact against the title of the property until it has been paid off or until you can convince a title company to record a document declaring that the mortgage is considered to be of no further consequence because it went stale or because no beneficiary or successor in interest can be found. There are companies out there who specialize in buying up charged off liens from bankrupt lenders for about 5 cents on the dollar. They operate on the expectation of being able to collect on some of the delinquent liens in basket and make more than what they all cost them. So for the next year or so I would set aside an amount you guess to be the monthly payment on the 1st, just in case one of these companies come knocking on your door for reinstatement monies. If they don’t ever come forward then someday you will have to get a title company to record a special form that declares that the debt has been extinguished. I run into board-ups fairly frequently and I just cut off the locks and take down the plywood covering the windows and doors. Then get a local locksmith who professes to know how to pick a lock to open the place up for you (have your foreclosure deed with you to prove you’re the owner). Congratulations on your buy! Follow Ups: Re: Going forward with your foreclosure purchase jennifer 7:50 AM, 03/28/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : My husband and I recently bought a forclosure on the 2nd mortgage. The company who had the first mortgage has gone : : bankrupt. There are no assignments on the loan. Does this mean that we are not responsible for the first mortgage anymore? : : Also, the locks on the home have been changed, and nobody will tell us how to get them. Do we get the locks changed ourselves? There is no need to evict, the home is vacant. : : HELP please. : =•=•=•=•=•=•=•=•=•=•= : Jennifer, you got title to the property by being the highest bidder in paying off the foreclosing 2nd mortgage. The 1st will stay intact against the title of the property until it has been paid off or until you can convince a title company to record a document declaring that the mortgage is considered to be of no further consequence because it went stale or because no beneficiary or successor in interest can be found. : There are companies out there who specialize in buying up charged off liens from bankrupt lenders for about 5 cents on the dollar. They operate on the expectation of being able to collect on some of the delinquent liens in basket and make more than what they all cost them. : So for the next year or so I would set aside an amount you guess to be the monthly payment on the 1st, just in case one of these companies come knocking on your door for reinstatement monies. If they don’t ever come forward then someday you will have to get a title company to record a special form that declares that the debt has been extinguished. : I run into board-ups fairly frequently and I just cut off the locks and take down the plywood covering the windows and doors. Then get a local locksmith who professes to know how to pick a lock to open the place up for you (have your foreclosure deed with you to prove you’re the owner). : Congratulations on your buy! 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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