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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] I didn't know that I had a camp! Pretty cool... Posted by Rick, the Probate Guy on December 14, 2007 at 4:06 PM In Reply to: The priority of simultaneously/concurrently recorded trust deeds – revisited and summarized posted by DaveW in LA on December 14, 2007 at 7:39 AM I'm not much of a betting man, and, as my closest friends will tell you, if I ever offer to bet you a quarter on some event in the future, you should be suspicious that I've found some way to intercept the news from the other side of the Int'l dateline or similar ploy. To be blunt, I don't know the answer here. And I don't want to be in any camp that doesn't include Ward (although I really like having Kristine in my "Camp" if there is such a thing). What I do know is that I've been given strong advise from my foreclosure trustee to identify which of my TD's are 1st TD's and which one's are 2nd TD's when I record piggyback (concurrent) loans. This is consistent with the race to record and order of priority theory. I can't find anything else to support the idea that a lender who records a 1st and a 2nd can choose which one is in first position willy-nilly. I'll have to ask my friend Willy what he thinks. In my own business we'll record concurrent loans when I sometimes sell off the 1st, which is, of course, a lower LTV and a less risky loan, and I'll keep the 2nd TD. From a risk standpoint, it's pretty much moot for us because we control both loans and know who's in what position. This makes the bene in 1st place happy that I'm behind him should anything go wrong, and also that I get to wrestle the alligator because, frankly, I like the thrashing about in the mud. And don't forget, like any encounter with a large reptile, watch out for that tail! Follow Ups: Re: I didn't know that I had a camp! Pretty cool... hard money lender 5:52 PM, 12/14/07 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I'm not much of a betting man, and, as my closest friends will tell you, if I ever offer to bet you a quarter on some event in the future, you should be suspicious that I've found some way to intercept the news from the other side of the Int'l dateline or similar ploy. : To be blunt, I don't know the answer here. And I don't want to be in any camp that doesn't include Ward (although I really like having Kristine in my "Camp" if there is such a thing). : What I do know is that I've been given strong advise from my foreclosure trustee to identify which of my TD's are 1st TD's and which one's are 2nd TD's when I record piggyback (concurrent) loans. This is consistent with the race to record and order of priority theory. I can't find anything else to support the idea that a lender who records a 1st and a 2nd can choose which one is in first position willy-nilly. I'll have to ask my friend Willy what he thinks. : In my own business we'll record concurrent loans when I sometimes sell off the 1st, which is, of course, a lower LTV and a less risky loan, and I'll keep the 2nd TD. : From a risk standpoint, it's pretty much moot for us because we control both loans and know who's in what position. : This makes the bene in 1st place happy that I'm behind him should anything go wrong, and also that I get to wrestle the alligator because, frankly, I like the thrashing about in the mud. : And don't forget, like any encounter with a large reptile, watch out for that tail! [ 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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