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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] No/Yes/No - Prepayment penalty on 1st? (NT) Posted by Tom on April 26, 2008 at 10:39 AM In Reply to: 2nd Mortgage Auction Question (I know, it's dumb) posted by Mark Hamilton on April 26, 2008 at 10:19 AM Posted by Mark Hamilton on April 26, 2008 at 10:19 AM While I have read many past postings, and a few books, I remain stubbornly dense on a few basic issues. A second deed of trust is going to foreclosure auction for 30,000...the owner is in serious bankruptcy. The first deed of trust is held by a private party who is not collecting payments and not foreclosing (at this time). If I buy the second deed at the foreclosure auction I want to then take possession of the property (evict the prior owner) and pay off the first deed of trust (in that order). Can this plan be derailed if the 1st Deed refuses a payoff (although that seems unlikely)? Can I evict the owner and occupy if I foreclose on the second only? Do I have to pay off the 1st BEFORE the owner is evicted? I've tried searchs but I can't quite find the info I am looking for... Follow Ups: Re: No/Yes/No - Prepayment penalty on 1st? (NT) Mark Hamilton 10:59 AM, 04/26/08 (9) Re: No/Yes/No - Prepayment penalty on 1st? (NT) Tom 11:22 AM, 04/26/08 (8) Re: No/Yes/No - Prepayment penalty on 1st? (NT) Mark Hamilton 11:36 AM, 04/26/08 (7) A big, black box... Rick, the Probate Guy 5:00 PM, 04/26/08 (3) You can get a copy of the Note from title CC in OC 4:52 AM, 05/20/08 (0) hml prepays hard money lender 10:38 PM, 04/26/08 (0) Re: A big, black box... Mark H. 8:04 PM, 04/26/08 (0) FPI & IRS Tom 12:18 AM, 04/26/08 (2) Re: FPI & IRS Mark Hamilton 8:00 PM, 04/26/08 (1) Should be (NT) Tom 8:00 AM, 05/01/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Posted by Mark Hamilton on April 26, 2008 at 10:19 AM : While I have read many past postings, and a few books, I remain stubbornly dense on a few basic issues. : A second deed of trust is going to foreclosure auction for 30,000...the owner is in serious bankruptcy. The first deed of trust is held by a private party who is not collecting payments and not foreclosing (at this time). : If I buy the second deed at the foreclosure auction I want to then take possession of the property (evict the prior owner) and pay off the first deed of trust (in that order). : Can this plan be derailed if the 1st Deed refuses a payoff (although that seems unlikely)? Can I evict the owner and occupy if I foreclose on the second only? Do I have to pay off the 1st BEFORE the owner is evicted? : I've tried searchs but I can't quite find the info I am looking for... [ 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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