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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosing 1st being sued.... Posted by Spencer on May 06, 2009 at 3:47 PM In Reply to: Re: Foreclosing 1st being sued.... posted by Z.H. - Nor Cal on May 06, 2009 at 3:27 PM You do understand that any overbid will go to Juniors and then to the homeowner, right? If you have someone overbid to $700k, you'll get your $250k back (note payoff), and the homeowner will get the remaining $450k. Personally, I wouldn't buy a note for face value AND under litigation for usury unless you enjoy putting your attorney's kids through college. From my POV, it looks like your best bet will be through the borrower. Possibly offer to refinance the current HML, and split the remaining equity 50/50 with yourself handling the rehab/resale. Otherwise you'll be fighting it out at the trustee sale. Spencer Follow Ups: Re: Foreclosing 1st being sued.... jc 5:36 AM, 05/08/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : You do understand that any overbid will go to Juniors and then to : the homeowner, right? If you have someone overbid to $700k, you'll : get your $250k back (note payoff), and the homeowner will get the : remaining $450k. : Personally, I wouldn't buy a note for face value AND under litigation : for usury unless you enjoy putting your attorney's kids through : college. : From my POV, it looks like your best bet will be through the : borrower. Possibly offer to refinance the current HML, and split : the remaining equity 50/50 with yourself handling the rehab/resale. : Otherwise you'll be fighting it out at the trustee sale. : Spencer [ 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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