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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Purchase of second mortgage in error Posted by Jerry - Ca. on July 21, 2006 at 4:00 PM In Reply to: 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? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Guy: All trustee sales are final! Your LLC now owns the note and my opinion is absolutely record your trustee deed to give constructive notice that there is an encumberance vs. the property. You can always sell the note at a substantial discout of face value ... but highly unlikey to sell with no equity based on your "numbers". I also would like to know where you got your current value of the property? If an institutional lender loaned $96,000. as a second .... there had to be value to warrant the loan (LTV). Properties values in S.D. county and the Temecula area have NOT dropped significantly in years! Youn can always evict the hold-over owner and rent the place in hopes of future appreciation, too! Jerry Follow Ups: 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? : ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ : Guy: : All trustee sales are final! Your LLC now owns the note and my opinion is absolutely : record your trustee deed to give constructive notice that there is an encumberance vs. : the property. : You can always sell the note at a substantial discout of face value ... but highly : unlikey to sell with no equity based on your "numbers". I also would like to know : where you got your current value of the property? If an institutional lender loaned : $96,000. as a second .... there had to be value to warrant the loan (LTV). Properties : values in S.D. county and the Temecula area have NOT dropped significantly in years! : Youn can always evict the hold-over owner and rent the place in hopes of future : appreciation, too! : Jerry 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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