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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Taking "subject to" a senior lien... Posted by Ward-CA- on May 20, 2010 at 6:03 PM In Reply to: Second deed of trust posted by Dave on May 19, 2010 at 8:49 PM Dave, If you get title to a property at the trustee's sale involving a 2nd trust deed, you have a Right of Reinstatement under California law, that allows you to reinstate the delinquency on the 1st trust deed. The issue of the due-on-sale clause regarding the 1st won't come up for a few months thereafter. So normally you'll have enough time to get into your resale escrow and send the 1st a request for their payoff. ----------Ward ==================== : I have been considering buying a second deed of trust at auction but I am concerned about a first deed of trust forcing payment in full before I would have a chance to sell the property. How cooperative is the first lien holder after the second has sold. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Dave, : If you get title to a property at the trustee's sale involving a 2nd trust deed, you have a Right of Reinstatement under California law, that allows you to reinstate the delinquency on the 1st trust deed. The issue of the due-on-sale clause regarding the 1st won't come up for a few months thereafter. : So normally you'll have enough time to get into your resale escrow and send the 1st a request for their payoff. : ----------Ward : ==================== : : : I have been considering buying a second deed of trust at auction but I am concerned about a first deed of trust forcing payment in full before I would have a chance to sell the property. How cooperative is the first lien holder after the second has sold. [ 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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