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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Here's the rub... Posted by Kristine-CA on June 16, 2009 at 12:08 AM In Reply to: Here's the rub... posted by Rick, the Probate Guy on June 16, 2009 at 10:42 AM Hi there. As for lenders noticing transfers due to foreclosures on jr. liens: while it's true that we would expect a lender to "just be happy that someone is paying the mortgage," sr. note holders can call the loan due. I realize that a lot of institutional lenders won't notice as long as the bills come in. But a private lender in need of cash....especially these days? Since this is a foreclosure message board, I think it's a good idea to keep in mind lender's actual rights and not just what usually happens. Same is true with subject-2. Seems like there is no good reason that a lender would call a loan due if the payments are getting made. But Cantu, bless his heart, admitted to three being called due when it hadn't ever happened to him until then. No rhyme or reason that we can discern, but it does happen. : Hey Kristine - : If I want closure on a loan that I have the first TD on (defaulted) and you, for example, bid on the foreclosing 2nd TD at T-sale, I'd have to permit you to cure my loan now, if that's my breach. : Then, I'd have to notice you and start a new foreclosure based on a different breach, that is, for the due on sale clause triggered by the event of the transfer which occured when you bought at the sale. : It's a pain and I don't like to ride along with strangers, with or without candy (although I'd be OK with you driving). Follow Ups: Happened to me, too... Rick, the Probate Guy 6:14 PM, 06/16/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi there. As for lenders noticing transfers due to foreclosures on jr. liens: while it's true that we would expect a lender to "just be happy that someone is paying the mortgage," sr. note holders can call the loan due. I realize that a lot of institutional lenders won't notice as long as the bills come in. But a private lender in need of cash....especially these days? Since this is a foreclosure message board, I think it's a good idea to keep in mind lender's actual rights and not just what usually happens. : Same is true with subject-2. Seems like there is no good reason that a lender would call a loan due if the payments are getting made. But Cantu, bless his heart, admitted to three being called due when it hadn't ever happened to him until then. No rhyme or reason that we can discern, but it does happen. : : Hey Kristine - : : If I want closure on a loan that I have the first TD on (defaulted) and you, for example, bid on the foreclosing 2nd TD at T-sale, I'd have to permit you to cure my loan now, if that's my breach. : : Then, I'd have to notice you and start a new foreclosure based on a different breach, that is, for the due on sale clause triggered by the event of the transfer which occured when you bought at the sale. : : It's a pain and I don't like to ride along with strangers, with or without candy (although I'd be OK with you driving). [ 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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