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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: No need to do it yourself.... Posted by gary on February 20, 2010 at 11:24 AM In Reply to: No need to do it yourself.... posted by Ward-CA- on February 20, 2010 at 7:33 AM Thanks Ward, The problem is; there most likely will not be a bidder. We are taking a bath on this as it is. There is a first in front of our second and our "seller carry-back" second has a balloon pay-off, due and payable next month. The buyers are not able to refi and they stopped making payments to us a few months ago. The first is supposedly in better shape, but I can't say for sure. I am reluctant to pay a trustee for foreclosure services, on top of everything else. Especially since we are close to the point of just letting it drop and see if the first lender forecloses. If not, we can always foreclose down the road. The owners have been trying to get a loan mod on the first as well. It would be better to foreclose after a loan mod but I really doubt they will obtain one anyway. I just thought I might be able to handle the foreclosure myself. I don't see a huge downside if I screw up. Actually, I would hope the threat of foreclosure would move the owners to get creative with us. I think there is equity left (over and above the first), but the condition of the house will dictate what that is, or is not. I am on the fence and I am not in a good cash position right now. I have complied with the new requirements for filing a NOD and I am ready to file the NOD to at least start the ball rolling. I am thinking I will start there and see what happens. If we can take the house back without too much cash required, we could rent the house out until the market improves, assuming it does. Or we could move into the house ourselves, subject to paying the first. Also, I am assuming the holder of the first will allow us to keep paying their payments without calling the loan on us. Any suggestions on how we should proceed? I was thinking of trying to persuading the owners to put the home into a land-trust and assign the beneficial interest to us, to avoid a foreclosure. We could then offer them a lease option or??? Not sure if it makes sense or if the owners will even go for it. Thanks, Gary : Gary, : It's technically possible for you to do your own foreclosure procedure. But it is very detailed and thus prone to mistake and challenge by the trustor. : So you'd be best advised to job out that task to a company that does it all the time. Their fees are going to be tacked on top of what's owed the beneficiary. So, if the bid goes to a 3rd party, you're not going to have to reimburse them for handling the foreclosure procedure...so why mess with it? : : -----------Ward : ================== : : : Can the beneficiary of a California Deed of Trust also be the trustee? I read the requirements for an Arizona Trustee and they have very specific requirements and the Trustee must also be a neutral third party. What are the requirements in CA? Also, can I foreclose on my own TD or do I have to hire a company? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Thanks Ward, : The problem is; there most likely will not be a bidder. We are taking a bath on this as it is. There is a first in front of our second and our "seller carry-back" second has a balloon pay-off, due and payable next month. The buyers are not able to refi and they stopped making payments to us a few months ago. The first is supposedly in better shape, but I can't say for sure. I am reluctant to pay a trustee for foreclosure services, on top of everything else. Especially since we are close to the point of just letting it drop and see if the first lender forecloses. If not, we can always foreclose down the road. The owners have been trying to get a loan mod on the first as well. It would be better to foreclose after a loan mod but I really doubt they will obtain one anyway. I just thought I might be able to handle the foreclosure myself. I don't see a huge downside if I screw up. Actually, I would hope the threat of foreclosure would move the owners to get creative with us. I think there is equity left (over and above the first), but the condition of the house will dictate what that is, or is not. I am on the fence and I am not in a good cash position right now. I have complied with the new requirements for filing a NOD and I am ready to file the NOD to at least start the ball rolling. I am thinking I will start there and see what happens. If we can take the house back without too much cash required, we could rent the house out until the market improves, assuming it does. Or we could move into the house ourselves, subject to paying the first. : Also, I am assuming the holder of the first will allow us to keep paying their payments without calling the loan on us. Any suggestions on how we should proceed? I was thinking of trying to persuading the owners to put the home into a land-trust and assign the beneficial interest to us, to avoid a foreclosure. We could then offer them a lease option or??? Not sure if it makes sense or if the owners will even go for it. : Thanks, : Gary : : Gary, : : It's technically possible for you to do your own foreclosure procedure. But it is very detailed and thus prone to mistake and challenge by the trustor. : : So you'd be best advised to job out that task to a company that does it all the time. Their fees are going to be tacked on top of what's owed the beneficiary. So, if the bid goes to a 3rd party, you're not going to have to reimburse them for handling the foreclosure procedure...so why mess with it? : : : : -----------Ward : : ================== : : : : : : Can the beneficiary of a California Deed of Trust also be the trustee? I read the requirements for an Arizona Trustee and they have very specific requirements and the Trustee must also be a neutral third party. What are the requirements in CA? Also, can I foreclose on my own TD or do I have to hire a company? [ 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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