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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Nope...never do Posted by Ward-CA- on May 03, 2008 at 0:09 AM In Reply to: Do Overages on TS of 1st pay off Property Taxes in CA? posted by J on May 01, 2008 at 7:34 PM J, No, the overbid at a CA trustee’s sale ALWAYS goes downward to the next junior lien in descending order. It never goes upwards, so an overbid would never go towards property taxes. If there are no junior liens then the overbid would go to the defaulting property owner. Hope this helps, --------------Ward =============== The property is located in CA. The First held a Trustee Sale. The TS auction resulted in a final price which exceeded the minimum bid (and the balance of the First) by $45,000. There is a $12,000 delinquency in property taxes. My question is whether the Trustee will use the overage to pay the delinquent property taxes before forwarding the remainder to the Second. Or, do overages in a TS only pay junior liens, not senior ones such as property tax delinquencies. I do not know whether it is a coincidence or not, but the Trustee's original notice amount plus the amount of the delinquent ppty taxes are within a few hundred dollars of the minimum bid. That got me thinking. I operated under the assumption that the taxes would have to be paid after the sale by the winning bidder so if they come out of the auction overage then that would be a bonus. Follow Ups: Thanks, Ward. That's what I firgured. n/t J 12:13 AM, 05/07/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : J, : No, the overbid at a CA trustee’s sale ALWAYS goes downward to the next junior lien in descending order. It never goes upwards, so an overbid would never go towards property taxes. If there are no junior liens then the overbid would go to the defaulting property owner. : Hope this helps, : --------------Ward : =============== : The property is located in CA. The First held a Trustee Sale. The TS auction resulted in a final price which exceeded the minimum bid (and the balance of the First) by $45,000. There is a $12,000 delinquency in property taxes. My question is whether the Trustee will use the overage to pay the delinquent property taxes before forwarding the remainder to the Second. Or, do overages in a TS only pay junior liens, not senior ones such as property tax delinquencies. : I do not know whether it is a coincidence or not, but the Trustee's original notice amount plus the amount of the delinquent ppty taxes are within a few hundred dollars of the minimum bid. That got me thinking. : I operated under the assumption that the taxes would have to be paid after the sale by the winning bidder so if they come out of the auction overage then that would be a bonus. [ 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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