InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Code References 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Purchase of second mortgage in error Posted by Guy Turnage on July 21, 2006 at 10:03 AM I'm one of three investors who formed an Oregon LLC and unwisely purchased at auction in Riverside County a second trust deed for $96,000. We thought, of course, it was a first trust deed. Please don't tell us how stupid we were. We need to know how to proceed from here. The house is in Temecula with a value of $360,000 to $375,000 and has people in it that haven't made a payment since July, 2005. The first mortgage through Aug. 20th has a payoff of $365,123. First question: Is there any way to salvage some of our $96,000? Second question: Would it be a mistake to record the Trustee's Deed for fear of other legal problems in the event we cannot salvage any of our money? Follow Ups: What did you bid on in what kind of auction? Kristine-CA 9:10 PM, 07/27/06 (0) Re: Purchase of second mortgage in error John Houston 7:04 PM, 07/23/06 (0) lets review the details damien 6:38 PM, 07/23/06 (0) Unfortunately ... Greg 5:52 PM, 07/21/06 (0) Re: Purchase of second mortgage in error Jerry - Ca. 4:00 PM, 07/21/06 (1) Re: Purchase of second mortgage in error JC-CA 11:02 PM, 07/29/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I'm one of three investors who formed an Oregon LLC and unwisely purchased at auction in Riverside County a second trust deed for $96,000. We thought, of course, it was a first trust deed. Please don't tell us how stupid we were. We need to know how to proceed from here. The house is in Temecula with a value of $360,000 to $375,000 and has people in it that haven't made a payment since July, 2005. The first mortgage through Aug. 20th has a payoff of $365,123. First question: Is there any way to salvage some of our $96,000? Second question: Would it be a mistake to record the Trustee's Deed for fear of other legal problems in the event we cannot salvage any of our money? 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2006, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455