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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] You bought the property...not the 2nd TD Posted by Ward-CA- on June 15, 2010 at 12:01 AM In Reply to: Subject to BK posted by Jeremy on June 15, 2010 at 10:42 AM Jeremy, No, you're not entitled to keep paying on the 1st trust deed, but most of the time senior lienors won't exercise their due-on-sale rights once you reinstate their delinquent payments and continue paying monthly thereafter. And if the ex-owner's bankruptcy was initiated after the trustee's sale occurred you don't have any real problem with her. -----------Ward ==================== : I recently bought a 2nd TD at auction wanting to take over the payments on the 1st because the 1st was an old loan. I have spoken with the previous owner. She said she has already filed chapter 13 BK and wants to now convert to chapter 7 BK. Is there anyway I can keep that 1st TD in place? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Jeremy, : No, you're not entitled to keep paying on the 1st trust deed, but most of the time senior lienors won't exercise their due-on-sale rights once you reinstate their delinquent payments and continue paying monthly thereafter. : And if the ex-owner's bankruptcy was initiated after the trustee's sale occurred you don't have any real problem with her. : : -----------Ward : : ==================== : : I recently bought a 2nd TD at auction wanting to take over the payments on the 1st because the 1st was an old loan. I have spoken with the previous owner. She said she has already filed chapter 13 BK and wants to now convert to chapter 7 BK. Is there anyway I can keep that 1st TD in place? [ 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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