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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] More Junior Bene Buyout stuff. Posted by Ward-CA- on April 09, 2003 at 5:05 PM In Reply to: Junior Bene Buyout posted by Jim on April 09, 2003 at 11:08 AM : Ward, : You talked a little about this last night at the LA REIC meeting. Can you describe it a little better? : As I understand it, you would contact the owner/trustee of a second lien about 15 days following the recording of the Notice of Default. You would then offer to buy that owner's beneficial interest in the 2nd Trust Deed, correct? From that point what would we be anticipating? : Also, you mentioned a Special Request For Notice to have us be notified when this 2nd lien went into default or was going to the trustee sale. How does that figure into all of this? : Thanks, : Jim =•=•=•=•=•=•=•=•=•=•= Jim, Well, once you’re the new note owner and you have recorded the Assignment of Beneficial Interest and the Special Request for Notice you’d just wait for 90 days, expecting to be contacted by a refi or resale escrow officer asking for your payoff demand. If instead of receiving a payoff demand you receive a copy of the NOTS on the property then you should exercise your Right of Reinstatement and cure the 1st. Add the advance to your ongoing foreclosure of the 2nd. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : You talked a little about this last night at the LA REIC meeting. Can you describe it a little better? : : As I understand it, you would contact the owner/trustee of a second lien about 15 days following the recording of the Notice of Default. You would then offer to buy that owner's beneficial interest in the 2nd Trust Deed, correct? From that point what would we be anticipating? : : Also, you mentioned a Special Request For Notice to have us be notified when this 2nd lien went into default or was going to the trustee sale. How does that figure into all of this? : : Thanks, : : Jim : =•=•=•=•=•=•=•=•=•=•= : Jim, : Well, once you’re the new note owner and you have recorded the Assignment of Beneficial Interest and the Special Request for Notice you’d just wait for 90 days, expecting to be contacted by a refi or resale escrow officer asking for your payoff demand. : If instead of receiving a payoff demand you receive a copy of the NOTS on the property then you should exercise your Right of Reinstatement and cure the 1st. Add the advance to your ongoing foreclosure of the 2nd. 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

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