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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Why bother foreclosing seconds Posted by stephanie on May 23, 2002 at 8:11 PM In Reply to: Re: Why bother foreclosing seconds posted by jock on May 23, 2002 at 2:41 PM : Thanks. Let me see I have this straight. If I bought the second lien : and then paid off the remander of the first liens (the mortgage) I would : own the property and the current owners would have to leave? : I had an earlier post where Ward said that buying the second position only meant : that you bought the debt; no ownership of property. : Still a little confused. Thanks. Buying the note and trust deed is gives you no ownership of the property. All you own is a lein and the right to collect on it. At the Trustee sale you actually buy the house and get ownership deeded to you immediately. You can get the ex-owners out at that time. All leins recorded before the one foreclosed on remain in place. Stephanie Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Thanks. Let me see I have this straight. If I bought the second lien : : and then paid off the remander of the first liens (the mortgage) I would : : own the property and the current owners would have to leave? : : I had an earlier post where Ward said that buying the second position only meant : : that you bought the debt; no ownership of property. : : Still a little confused. Thanks. : Buying the note and trust deed is gives you no ownership of the property. All you own is a lein and the right to collect on it. : At the Trustee sale you actually buy the house and get ownership deeded to you immediately. You can get the ex-owners out at that time. All leins recorded before the one foreclosed on remain in place. : Stephanie 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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