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Re: Foreclosure of a wrap-around trust deed

Posted by Ward-CA- on August 12, 2001 at 7:27 PM

In Reply to: WRAP-AROUND FORECLOSURE posted by TGM34 on August 12, 2001 at 6:26 PM


: We are in a wrap,fell behind ,now facing foreclosure.How can someone foreclose on a wrap?What can we do to stop it?We just had a chap7 discharged(state of Ga)

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Why would you think that an All Inclusive Trust Deed (AITD) is any different than any other trust deed is concerned, as far as a foreclosure goes? All it is, is a junior trust deed that “wraps” or incorporates in its balance one or more senior trust deed balances. Depending on the language in the particular AITD, the trustee might be foreclosing on the entire amount making up the AITD or just the beneficiary’s equity in the AITD. Nowadays it’s usually just the bene’s equity (difference between the overall balance of the AITD and the balance of the included senior liens) in the AITD that’s being foreclosed upon. That would leave the senior included lien(s) remaining after the trustee’s sale.

There’s nothing special about conducting the foreclosure of an AITD vs. the foreclosure of a regular trust deed. So whatever would work to stop the foreclosure of any trust deed will stop the AITD.

How long would you want to stop the foreclosure? Do you have some realistic remedy for curing the foreclosure? What’s different now, than what the situation was to cause you to “fall behind” in payments in the first place?



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