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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Or wait for foreclosure? Posted by SeanW on April 25, 2003 at 7:01 AM In Reply to: probate/ownership question? posted by Deb S. on April 24, 2003 at 8:57 PM After I responded, I thought "this might be a crummy purchase from the owner, but it might be OK as a purchase at the foreclosure." I'm not sure what happens when an unprobated house is foreclosed. It seems logical that the owners of the house need to be determined, so that they can be notified of the sale. But it also makes sense that the lender could foreclose regardless undetermined ownership interests. After all, that's not the lender's problem. Maybe Ward will clarify that. But anyway, after the sale, whoever owns it will definately lose the house, and I'm assuming the jail birds can't pay a loan reinstatement. If it was the senior deed that foreclosed, then like any foreclosure the junior liens will be wiped from the title. So it could make sense to pick it up for the 65k senior (+ trustee's fees) at the foreclosure sale. Is this a house you want to live in? (I'm not so sure I'd like to live someplace, that guys in jail know I "took from them!") Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : After I responded, I thought "this might be a crummy purchase from the owner, but it might be OK as a purchase at the foreclosure." : I'm not sure what happens when an unprobated house is foreclosed. It seems logical that the owners of the house need to be determined, so that they can be notified of the sale. But it also makes sense that the lender could foreclose regardless undetermined ownership interests. After all, that's not the lender's problem. Maybe Ward will clarify that. : But anyway, after the sale, whoever owns it will definately lose the house, and I'm assuming the jail birds can't pay a loan reinstatement. If it was the senior deed that foreclosed, then like any foreclosure the junior liens will be wiped from the title. So it could make sense to pick it up for the 65k senior (+ trustee's fees) at the foreclosure sale. : Is this a house you want to live in? (I'm not so sure I'd like to live someplace, that guys in jail know I "took from them!") 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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