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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: No/Yes/No - Prepayment penalty on 1st? (NT) Posted by Mark Hamilton on April 26, 2008 at 10:59 AM In Reply to: No/Yes/No - Prepayment penalty on 1st? (NT) posted by Tom on April 26, 2008 at 10:39 AM There is no prepayment penalty noted in the D of T. The first deed loan seems to be a private sum advanced from a married couple to the current owners. It is rather old (perhaps 10 years) and I can find no trace of a deed of reconvayence. So I assume it is still active. I just wanted to make sure that if I bought the second at auction that I could occupy the property ASAP and, when contacted by the 1st deed holders, simply pay them off. So here is what I gather: a) The first deed of Trust normally can't derail this by refusing my payoff. b) I take possession of the property with a 2nd (with the 1st on record). Thanks so much... : 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) 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: : There is no prepayment penalty noted in the D of T. The first deed loan seems to be a private sum advanced from a married couple to the current owners. It is rather old (perhaps 10 years) and I can find no trace of a deed of reconvayence. So I assume it is still active. I just wanted to make sure that if I bought the second at auction that I could occupy the property ASAP and, when contacted by the 1st deed holders, simply pay them off. : So here is what I gather: : a) The first deed of Trust normally can't derail this by refusing my payoff. : b) I take possession of the property with a 2nd (with the 1st on record). : Thanks so much... : : 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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