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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosing 1st being sued.... Posted by jc on May 08, 2009 at 5:36 AM In Reply to: Re: Foreclosing 1st being sued.... posted by Spencer on May 06, 2009 at 3:47 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 BRILLIANT!! Follow Ups: 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 : BRILLIANT!! [ 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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