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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Purchase of second mortgage in error Posted by John Houston on July 23, 2006 at 7:04 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, I, too, am working in the Temecula area (I also happpen to live there) and concur with Jerry, the vlaues have not *dropped* significantly, but, as most everywhere, resales have slowed down to a crawl. If you want a local contact, I'd be happy to help. If you want a true valuation, I have two very nice local RE Agents that would be happy to help (they each have appraiser contacts). If you like, email me the address and I'll do some leg work for you. -john Follow Ups: 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, : I, too, am working in the Temecula area (I also happpen to live there) and concur with Jerry, the vlaues have not *dropped* : significantly, but, as most everywhere, resales have slowed down to a crawl. : If you want a local contact, I'd be happy to help. If you want a true valuation, I have two very nice local RE Agents : that would be happy to help (they each have appraiser contacts). : If you like, email me the address and I'll do some leg work for you. : -john 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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