InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] The $75K is first.. Posted by Ward-CA- on April 25, 2003 at 8:13 AM In Reply to: Which loan is Senior posted by Greg B. on April 24, 2003 at 9:00 PM : Was looking at a pre-foreclosure to buy at auction. I had a title search done it came back as follows. Owner's A sold house to Owner B in 1985 for $49,000 Statutory Warranty Deed. Owner B in 1999 takes out loan for $75,000 Deed of Trust. Owner B defaults on the $75,000 loan and NOD filed, auction set for end of April. Note there are Death certificates for the Two Owners A recorded with the Statutory Warranty deed this I have never seen. I cant figure out how the death certificates come into play in the equation. Does Owner B owe the $49,000 as Senior and the $75,000 as Junior? Im all confused over this death certificate thing, did the people die before being paid off by owner B or did they will It to owner B but owner B has to pay it off? Sorry for all the babbling. Any theories would be greatly appreciated. =•=•=•=•=•=•=•=•=•=•= Gary, OK, here’s my theory: A warranty deed is not the same as a trust deed. So when you say that A sold to B via a warranty deed in 1985 I think the $49,000 is the sale price paid, and doesn’t necessarily represent a trust deed debt. Thus the only debt would be the subsequent $75K trust deed recorded in 1999. So I think the $75K trust deed is a first. Usually death certificates come into play when title to property is held in joint tenancy and one or two of the joint tenants have died, resulting in the transfer of their interests to the surviving joint tenant. Proof that one or more of the joints tenants died is accomplished by recording their certified death certificates. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Was looking at a pre-foreclosure to buy at auction. I had a title search done it came back as follows. Owner's A sold house to Owner B in 1985 for $49,000 Statutory Warranty Deed. Owner B in 1999 takes out loan for $75,000 Deed of Trust. Owner B defaults on the $75,000 loan and NOD filed, auction set for end of April. Note there are Death certificates for the Two Owners A recorded with the Statutory Warranty deed this I have never seen. I cant figure out how the death certificates come into play in the equation. Does Owner B owe the $49,000 as Senior and the $75,000 as Junior? Im all confused over this death certificate thing, did the people die before being paid off by owner B or did they will It to owner B but owner B has to pay it off? Sorry for all the babbling. Any theories would be greatly appreciated. : =•=•=•=•=•=•=•=•=•=•= : Gary, : OK, here’s my theory: : A warranty deed is not the same as a trust deed. So when you say that A sold to B via a warranty deed in 1985 I think the $49,000 is the sale price paid, and doesn’t necessarily represent a trust deed debt. Thus the only debt would be the subsequent $75K trust deed recorded in 1999. : So I think the $75K trust deed is a first. : Usually death certificates come into play when title to property is held in joint tenancy and one or two of the joint tenants have died, resulting in the transfer of their interests to the surviving joint tenant. Proof that one or more of the joints tenants died is accomplished by recording their certified death certificates. : 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

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