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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: That Doesn't Add Up Posted by brian on April 06, 2002 at 4:44 PM In Reply to: Re: That Doesn't Add Up posted by brian on April 06, 2002 at 4:39 PM : : : Ward, I got a quit claim deed on a pre foreclosure the other day. I was amazed to find an unsatisfied judgement before the TD. It seems to me that I can buy the judgement and have a sherrifs sale on it and possibly get the house for the $500 I paid for the judgement, if no other bidders show up. Am I missing something or am I just plain lucky? : : Since the foreclosure on the TD was already rolling, you'd gain nothing by buying the judgement and foreclosing on it. The TD was already scheduled first for the auction. : : Even if you'd bought the Judgement, and cured the TD of default yourself, as soon as you initiated a foreclosure, you'd have a problem. The TD would be a junior lein-- and do you think they're gonna sit back and let you take the house for $500? Do you think the title insurance company would ignore this one? : : And even if you assume it went to a trustee's sale without interference by those parties, a $500 notice of sale would being every yahoo in town to the auction. : : It sounds to me that you're talking completely in "theoreticals"! : Ward, this may sound strange, but I not making up a theoretical situation. My intent is to buy the TD and the judgement. I already have the quit claim. With sherrif sales I've heard that the process is only 30 days from start to finish. Also, the guy the judgement hasn't owned the home for 3 years so he probably doesn't care if what happens to the place. Sheriffs sales don't seem to draw much attention around here. I forgot to mention that I was hoping to be reimbursed for my losses on the TD by collecting the from title insurance comany Follow Ups: Re: That Doesn't Add Up Sean Wagle 10:06 PM, 04/06/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : : Ward, I got a quit claim deed on a pre foreclosure the other day. I was amazed to find an unsatisfied judgement before the TD. It seems to me that I can buy the judgement and have a sherrifs sale on it and possibly get the house for the $500 I paid for the judgement, if no other bidders show up. Am I missing something or am I just plain lucky? : : : Since the foreclosure on the TD was already rolling, you'd gain nothing by buying the judgement and foreclosing on it. The TD was already scheduled first for the auction. : : : Even if you'd bought the Judgement, and cured the TD of default yourself, as soon as you initiated a foreclosure, you'd have a problem. The TD would be a junior lein-- and do you think they're gonna sit back and let you take the house for $500? Do you think the title insurance company would ignore this one? : : : And even if you assume it went to a trustee's sale without interference by those parties, a $500 notice of sale would being every yahoo in town to the auction. : : : It sounds to me that you're talking completely in "theoreticals"! : : Ward, this may sound strange, but I not making up a theoretical situation. My intent is to buy the TD and the judgement. I already have the quit claim. With sherrif sales I've heard that the process is only 30 days from start to finish. Also, the guy the judgement hasn't owned the home for 3 years so he probably doesn't care if what happens to the place. Sheriffs sales don't seem to draw much attention around here. : I forgot to mention that I was hoping to be reimbursed for my losses on the TD by collecting the from title insurance comany 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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