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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] What did you bid on in what kind of auction? Posted by Kristine-CA on July 27, 2006 at 9:10 PM In Reply to: Purchase of second mortgage in error posted by Guy Turnage on July 21, 2006 at 10:03 AM Guy: you say you purchased a note at auction? You say you have a trustee's deed? If that's the case you didn't buy the note but bought the property subject to all it's encumbrances. It sounds as if you still need to get some details so you and your partners have truly clear picture. 1) Get a title prelim or report so you can see what other debts the property may have. A year's of property taxes, most likely....Those in foreclosure often have other debts against them. 2) Get an agent to give you a price opinion-a realistic one--if you were to sell asap. But first off, let's get clear about what you bought.....note or property? Kristine : 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: Post a Followup: Name : E-Mail : Subject : Comments: : Guy: you say you purchased a note at auction? You say you have a trustee's deed? If that's the case you didn't buy the note but bought the property subject to all it's encumbrances. : It sounds as if you still need to get some details so you and your partners have truly clear picture. : 1) Get a title prelim or report so you can see what other debts the property may have. A year's of property taxes, most likely....Those in foreclosure often have other debts against them. : 2) Get an agent to give you a price opinion-a realistic one--if you were to sell asap. : But first off, let's get clear about what you bought.....note or property? Kristine : : 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

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