InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Codes/Laws/?? Posted by Ward-CA- on August 28, 2001 at 6:13 PM In Reply to: Codes/Laws/?? posted by Eric - CA on August 28, 2001 at 1:50 PM : Ward scared me in a response to my post regarding a Marshal's sale indicating that I may assume too much. Sooo.. I want to learn more. Ward stated that the min bid price would be enough to cover the loans outstanding (all of them?). Is this written in the US Code somewhere that all proceeds from the sales will be enough to cover the liens/mortgages/etc. so that the property comes free and clear of any and all liens/claims/etc., or do I need to contact the marshal directly to see exactly how they came up with the minimum bid? I can do a title search on the property, but without knowing which lien the Marshal is selling it subject to, if any, it won't seem to help. : Could someone please let me know where to find more information on these Marshal sales and how I ensure that the min bid is all I would be on the hook for? Or describe a scenario where I could screw up and buy a property for the min bid of $125k and end up owing on additional "non wiped out" liens and then say owe $300k more? : These seem to be very specialized and therefore if anyone can point me to the appropriate US Government Codes or other source of information that would help. I still have plenty of time to research but we all know that a month often flies by. : Thanks =•=•=•=•=•=•=•=•=•=•=•=•= Eric, one more time. The U.S. Marshal’s office just seizes a bad guy’s ownership in his property, subject to all the existing liens of record prior to their seizure of title. The Marshal doesn’t sell property pursuant to some unpaid lien theory. It is selling property it actually owns because it has seized the title to it from some bad actor. So all the liens that were of record prior to the seizure are going to remain after the title seizure. Thus like any seller, the Marshal’s equity comes after all the liens are paid. Here’s some info from a site about all kinds of government sales: U.S. MARSHAL SALES (http://www.howtoadvice.com/GovernmentSales/) Property seized by U.S. Marshals is sold in the county where it was seized. Items auctioned off include boats, cars, jewelry, trucks, gold rings and watches, real estate, luggage, cameras, computers, furniture, and thousands of other items, all sold a bargain prices! Most U.S. Marshals do not, and are not required to maintain a buyer's mailing list. Some do however, and it would be wise to write directly to a U.S. Marshal in any area you are interested in and ask if they will place you name on a mailing list. You should also ask what paper they advertise their auctions in. refer to your telephone directory or operator to locate a U.S. Marshal's office nearest you. Hope this helps. Follow Ups: That did help, thanks (empty) Eric - CA 6:17 PM, 08/28/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Ward scared me in a response to my post regarding a Marshal's sale indicating that I may assume too much. Sooo.. I want to learn more. Ward stated that the min bid price would be enough to cover the loans outstanding (all of them?). Is this written in the US Code somewhere that all proceeds from the sales will be enough to cover the liens/mortgages/etc. so that the property comes free and clear of any and all liens/claims/etc., or do I need to contact the marshal directly to see exactly how they came up with the minimum bid? I can do a title search on the property, but without knowing which lien the Marshal is selling it subject to, if any, it won't seem to help. : : Could someone please let me know where to find more information on these Marshal sales and how I ensure that the min bid is all I would be on the hook for? Or describe a scenario where I could screw up and buy a property for the min bid of $125k and end up owing on additional "non wiped out" liens and then say owe $300k more? : : These seem to be very specialized and therefore if anyone can point me to the appropriate US Government Codes or other source of information that would help. I still have plenty of time to research but we all know that a month often flies by. : : Thanks : =•=•=•=•=•=•=•=•=•=•=•=•= : Eric, one more time. The U.S. Marshal’s office just seizes a bad guy’s ownership in his property, subject to all the existing liens of record prior to their seizure of title. The Marshal doesn’t sell property pursuant to some unpaid lien theory. It is selling property it actually owns because it has seized the title to it from some bad actor. So all the liens that were of record prior to the seizure are going to remain after the title seizure. Thus like any seller, the Marshal’s equity comes after all the liens are paid. : : Here’s some info from a site about all kinds of government sales: : U.S. MARSHAL SALES (http://www.howtoadvice.com/GovernmentSales/) : Property seized by U.S. Marshals is sold in the county where it was seized. Items auctioned off include boats, cars, jewelry, trucks, gold rings and watches, real estate, luggage, cameras, computers, furniture, and thousands of other items, all sold a bargain prices! : Most U.S. Marshals do not, and are not required to maintain a buyer's mailing list. Some do however, and it would be wise to write directly to a U.S. Marshal in any area you are interested in and ask if they will place you name on a mailing list. You should also ask what paper they advertise their auctions in. refer to your telephone directory or operator to locate a U.S. Marshal's office nearest you. : : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Copyright © 1997-2001, InnoVest Resource Management

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