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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Horror Story For Sure Posted by Ward-CA- on August 01, 2001 at 4:55 PM In Reply to: Horror Stories Anyone?? posted by Eric - CA on July 31, 2001 at 2:22 PM : As a newbie, it would be nice to hear the horror stories people have from when they started out. What is the biggest mistake you made that either cost you dearly, or worked out in your favor. What was the easy trap you fell into that is obvious to you today. (etc., etc.) We all learn best from other's experience so if people don't mind sharing that would be great. =•=•=•=•=•=•=•=•=•=•=•=•= Eric, a few years ago my wife, Norise, was at the courthouse steps, bidding for a house at the sale of a 2nd trust deed. Norise quickly dropped out of the bidding but two other guys continued flailing away at each other. The bidding went to almost market value before it ended. Norise then asked the happy victor why he had bid so high since he was bidding on the 2nd trust deed and the 1st trust deed had a substantial balance. He told Norise she was mistaken because he saw in his title search that the 1st had been “rescinded”. Well, what the fellow didn’t know was that the rescission pertained to the Notice of Trustee’s Sale (NOTS) of the 1st. It was recorded to indicate that the 1st’s trustee sale had been cancelled by the beneficiary of the 2nd who reinstated it so his 2nd could go to trustee’s sale ahead of the then cured 1st. Norise didn’t have the heart to tell him that he had confused a rescission of an NOTS with a reconveyance of a trust deed. His confusion cost him dearly, about $96,000 more than what he bargained for. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : As a newbie, it would be nice to hear the horror stories people have from when they started out. What is the biggest mistake you made that either cost you dearly, or worked out in your favor. What was the easy trap you fell into that is obvious to you today. (etc., etc.) We all learn best from other's experience so if people don't mind sharing that would be great. : =•=•=•=•=•=•=•=•=•=•=•=•= : Eric, a few years ago my wife, Norise, was at the courthouse steps, bidding for a house at the sale of a 2nd trust deed. Norise quickly dropped out of the bidding but two other guys continued flailing away at each other. The bidding went to almost market value before it ended. : Norise then asked the happy victor why he had bid so high since he was bidding on the 2nd trust deed and the 1st trust deed had a substantial balance. He told Norise she was mistaken because he saw in his title search that the 1st had been “rescinded”. : Well, what the fellow didn’t know was that the rescission pertained to the Notice of Trustee’s Sale (NOTS) of the 1st. It was recorded to indicate that the 1st’s trustee sale had been cancelled by the beneficiary of the 2nd who reinstated it so his 2nd could go to trustee’s sale ahead of the then cured 1st. : Norise didn’t have the heart to tell him that he had confused a rescission of an NOTS with a reconveyance of a trust deed. His confusion cost him dearly, about $96,000 more than what he bargained for. 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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