InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] What about the BK Court ..case active ? (nt) Posted by Bill H on May 03, 2008 at 11:44 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 nt: 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 a Followup: Name : E-Mail : Subject : Comments: : nt: 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2008, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455