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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] In addition... Posted by Ward-CA- on August 10, 2006 at 5:00 PM In Reply to: Overage dispute posted by Bob (CA) on August 10, 2006 at 3:30 PM Bob, Jerry's response is excellent. In addition, tell the former owner that she should contact the foreclosing trustee and make formal application for ALL the overage. If the interloper insists on trying to grab the overbid then inform the foreclosing trustee to deposit the funds with a local court in an interpleader action. Hope this and Jerry's advice settle the former owner's concern. -----------Ward-------- : Dear Ward, : A property in So Cal went to Trustee sale in Jan 06 and the night before the sale a buyer appeared and had the seller execute a grant deed to the property. The deed was recorded the following day (day of trustee sale) however the buyer made no attempt to bring the foreclosing loan current and the property went to sale. The buyer gave seller no funds. The trustee sale produced several buyers and the property sold $135,000 above the total amount of debt. The former owner of the home made claim to the overage contesting that the buyer failed to re instate the loan and that the Trustee sale occured prior to the recording of the Grant Deed therefore the Grant Deed was invalidated. The buyer that received the Grant Deed is also making claim to the overage by contesting that he became the rightful owner when he recorded his Grant Deed and he wants the overage. : Can you make any suggestions to the former owner to assist in getting to the overage monies in a timely manner. She has engaged an attorney but there has been very little progress towards resolving this unique matter. Thank you. Follow Ups: Ward ... A hypothetical quetion? Jerry - Ca. 10:08 AM, 08/11/06 (1) Hypothetical answer... Ward-CA- 7:09 PM, 08/11/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Bob, : Jerry's response is excellent. : In addition, tell the former owner that she should contact the foreclosing trustee and make formal application for ALL the overage. If the interloper insists on trying to grab the overbid then inform the foreclosing trustee to deposit the funds with a local court in an interpleader action. : : Hope this and Jerry's advice settle the former owner's concern. : : -----------Ward-------- : : : Dear Ward, : : A property in So Cal went to Trustee sale in Jan 06 and the night before the sale a buyer appeared and had the seller execute a grant deed to the property. The deed was recorded the following day (day of trustee sale) however the buyer made no attempt to bring the foreclosing loan current and the property went to sale. The buyer gave seller no funds. The trustee sale produced several buyers and the property sold $135,000 above the total amount of debt. The former owner of the home made claim to the overage contesting that the buyer failed to re instate the loan and that the Trustee sale occured prior to the recording of the Grant Deed therefore the Grant Deed was invalidated. The buyer that received the Grant Deed is also making claim to the overage by contesting that he became the rightful owner when he recorded his Grant Deed and he wants the overage. : : Can you make any suggestions to the former owner to assist in getting to the overage monies in a timely manner. She has engaged an attorney but there has been very little progress towards resolving this unique matter. Thank you. 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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