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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Who is foreclosing? Posted by Tom on May 06, 2008 at 7:19 AM In Reply to: Re: Sometime is fishy here posted by Charles on May 05, 2008 at 5:46 PM Is the first & HELOC loans made by the same lender? Who? Who is FTB? From the face of it the HELOC increased their LOC from $50 to $100. If I'm FTB I'd argue that at a maximum only $50 should be prior to my lien, as I extended credit based upon $350 in prior liens not $400. You do see amended DT, but the mistake is usually caught and the amended DT filed before anybody else files a lien. For discussion sake let's assume the revised HELOC is fully drawn upon. If this is a judicial foreclosure this issue could/should be settled before the sale (attend the hearing). I find when a potential bidder gets locked into one specific foreclosure it's usually for one of two reasons. They either intend to purchase the house to live in or it's the only deal that they're working on. Maybe Rick or Ward know if this HELOC issue has been addressed in the CA courts, or you could pay an attorney a few hours to research case law. You still haven't indicated what party is foreclosing, nor the delinquent taxes or other prior assessments. Assuming you're correct on the AV, the minimum bid should probably around $400. This is potentially messy (not to mention very costly) & you'd be best to avoid it. There are too many foreclosures to take a risk on this one. Bid at your own peril. Follow Ups: Re: Who is foreclosing? Charles 11:41 AM, 05/06/08 (1) Amended DT = Future Advance Clause? Heidi 6:23 AM, 05/09/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Is the first & HELOC loans made by the same lender? Who? Who is FTB? From the face of it the HELOC increased their LOC from $50 to $100. If I'm FTB I'd argue that at a maximum only $50 should be prior to my lien, as I extended credit based upon $350 in prior liens not $400. You do see amended DT, but the mistake is usually caught and the amended DT filed before anybody else files a lien. For discussion sake let's assume the revised HELOC is fully drawn upon. If this is a judicial foreclosure this issue could/should be settled before the sale (attend the hearing). I find when a potential bidder gets locked into one specific foreclosure it's usually for one of two reasons. They either intend to purchase the house to live in or it's the only deal that they're working on. Maybe Rick or Ward know if this HELOC issue has been addressed in the CA courts, or you could pay an attorney a few hours to research case law. : You still haven't indicated what party is foreclosing, nor the delinquent taxes or other prior assessments. Assuming you're correct on the AV, the minimum bid should probably around $400. This is potentially messy (not to mention very costly) & you'd be best to avoid it. There are too many foreclosures to take a risk on this one. Bid at your own peril. [ 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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