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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosing on a 2nd DOT Posted by Dennis on July 27, 2010 at 0:07 AM In Reply to: Re: Foreclosing on a 2nd DOT posted by Rick Harmon on July 26, 2010 at 11:34 AM : Not aware of any State-Specific requirements, however you ought to become familiar with both the foreclosure process timelines for each state you intend to buy notes in, as well as Garn Saint Germain Act concerning due-on-sale clause enforcement. : The latter would typically give you right to reinstate a defaulting senior and require the lender to start a new foreclosure based on a new breach (unauthorized transfer). : Some states, CA for example, provide that the holder of a loan can require the entire balance be paid at a certain point, and under certain circumstances, after the recordation and publishing of the notice of trustee sale but prior to the sale event. : Haven't seen an aggressive institutional lender take this stance in a long while, however. Personally, I would just be prepared to advance the dough and get them off my back if they (senior lender) get cranky. Thanks for your answer Rick. I certainly did not know about that in California. Do you know where I can delve deeper into that? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Not aware of any State-Specific requirements, however you ought to become familiar with both the foreclosure process timelines for each state you intend to buy notes in, as well as Garn Saint Germain Act concerning due-on-sale clause enforcement. : : The latter would typically give you right to reinstate a defaulting senior and require the lender to start a new foreclosure based on a new breach (unauthorized transfer). : : Some states, CA for example, provide that the holder of a loan can require the entire balance be paid at a certain point, and under certain circumstances, after the recordation and publishing of the notice of trustee sale but prior to the sale event. : : Haven't seen an aggressive institutional lender take this stance in a long while, however. Personally, I would just be prepared to advance the dough and get them off my back if they (senior lender) get cranky. : Thanks for your answer Rick. I certainly did not know about that in California. Do you know where I can delve deeper into that? [ 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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