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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Safeguarding the reinstatement of a delinquent loan. Posted by Ward-CA- on May 05, 2003 at 8:25 PM In Reply to: Re: Buying 4 days before the sale posted by JeffS on May 05, 2003 at 10:51 AM What security do you have to keep the owner from canceling the contract after you so kindly paid the lender to reinstate their loan? =•=•=•=•=•=•=•=•=•=•= Jeff, I’m sorry I was too brief, here's more detail on how this type of deal goes together. At 8:00 AM on the day of the trustee’s sale you'd be positioned at the lender’s office with a cashier’s check waiting to hear from your spouse or partner who would be meeting with the sellers at the county recorder’s office. Your spouse or partner would meet the sellers at 8:01 AM at the notary public’s office located at your local county recorder’s office. The owners would sign your prepared deed in front of the notary and give it to your partner. Thereupon your partner would give them the initial cashier’s check you promised to pay. Then your partner would hustle over to the recorder’s office (probably in the same building) and record your deed to the property (and get a certified copy of it). Your partner then would call you with the news that you’re now the owner of the property and you'd then step into the lender’s offices and pay the required amount to reinstate the loan and cancel the pending trustee’s sale for later that day. You would have prepared all the paperwork and worked out the other details with the lender, etc. during the previous 3 days. Hope you see that doing the deal this way wouldn't expose you to any possible backtracking by the sellers. Follow Ups: Re: Safeguarding the reinstatement of a delinquent loan. JeffS-CA 10:51 AM, 05/06/03 (4) Not Everyone Is Out to Get You SeanW 12:22 AM, 05/06/03 (3) Re: Safeguarding the reinstatement of a delinquent loan. JeffS-CA 9:25 AM, 05/07/03 (2) Re: Safeguarding the reinstatement of a delinquent loan. Jorge 10:24 AM, 05/08/03 (1) Re: Safeguarding the reinstatement of a delinquent loan. JeffS-CA 3:47 PM, 05/10/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : What security do you have to keep the owner from canceling the contract after you so kindly paid the lender to reinstate their loan? : =•=•=•=•=•=•=•=•=•=•= : Jeff, : I’m sorry I was too brief, here's more detail on how this type of deal goes together. : At 8:00 AM on the day of the trustee’s sale you'd be positioned at the lender’s office with a cashier’s check waiting to hear from your spouse or partner who would be meeting with the sellers at the county recorder’s office. : Your spouse or partner would meet the sellers at 8:01 AM at the notary public’s office located at your local county recorder’s office. : The owners would sign your prepared deed in front of the notary and give it to your partner. Thereupon your partner would give them the initial cashier’s check you promised to pay. : Then your partner would hustle over to the recorder’s office (probably in the same building) and record your deed to the property (and get a certified copy of it). : Your partner then would call you with the news that you’re now the owner of the property and you'd then step into the lender’s offices and pay the required amount to reinstate the loan and cancel the pending trustee’s sale for later that day. : You would have prepared all the paperwork and worked out the other details with the lender, etc. during the previous 3 days. : Hope you see that doing the deal this way wouldn't expose you to any possible backtracking by the sellers. 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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