InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Annual Reunion Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: 2 loans from same private lender... Posted by Rick, the Probate Guy on January 13, 2010 at 2:59 PM In Reply to: Re: 2 loans from same private lender... posted by Kristine-CA on January 13, 2010 at 12:39 AM Let the title company handle the payoff and try not to interfere. The title company will no doubt require the lender to provide both the original note & recorded td along with a sub and recon to mate with the bene's completed payoff demand. Bene may grouse about turning over the docs and stall. If they don't cooperate, no dough. Nor can they play games by adding the unsecured debt. On the downside, in CA, the most the bene is responsible for should they fail to cooperate is $300 in damages. Also, the trustee is in no position to reconvey without the bene's full cooperation. The unsecured loan is just that....unsecured. However, if I were the lender, I would insist on either getting the 2nd loan paid off at same time or secured. Sorry, but I don't have a song to help you remember this. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Let the title company handle the payoff and try not to interfere. : The title company will no doubt require the lender to provide both the original note & recorded td along with a sub and recon to mate with the bene's completed payoff demand. : Bene may grouse about turning over the docs and stall. If they don't cooperate, no dough. Nor can they play games by adding the unsecured debt. On the downside, in CA, the most the bene is responsible for should they fail to cooperate is $300 in damages. : Also, the trustee is in no position to reconvey without the bene's full cooperation. : The unsecured loan is just that....unsecured. However, if I were the lender, I would insist on either getting the 2nd loan paid off at same time or secured. : Sorry, but I don't have a song to help you remember this. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-date("Y"), InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455