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 ] Re: Safeguarding the reinstatement of a delinquent loan. Posted by JeffS-CA on May 06, 2003 at 10:51 AM In Reply to: Safeguarding the reinstatement of a delinquent loan. posted by Ward-CA- on May 05, 2003 at 8:25 PM : 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. -------------------------------- Thanks Ward. Your response covers my concern about the sellers canceling the Equity Purchase Agreement. Now, I am concerned about the lender in this process. Please correct me if I'm wrong, but the lender is not required to accept payment to reinstate the loan during the 5 days preceding the Trustee's Sale (assuming we're talking about California). What can be done to assure that the lender will honor their word by accepting the payment and canceling the sale? To cover this risk, I think it would be wise to wait to give the initial cashier's check to the sellers until after a Notice of Rescission is recorded (as a contingency of the EPA). Assuming the lender accepts your payment, what is preventing them from going ahead with the sale? A lawsuit? I hope there is something in the Code that prevents them from proceeding with the sale if there are no funds due to them at the time. Thanks in advance! Follow Ups: 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. : -------------------------------- : Thanks Ward. Your response covers my concern about the sellers canceling the Equity Purchase Agreement. Now, I am concerned about the lender in this process. Please correct me if I'm wrong, but the lender is not required to accept payment to reinstate the loan during the 5 days preceding the Trustee's Sale (assuming we're talking about California). What can be done to assure that the lender will honor their word by accepting the payment and canceling the sale? : To cover this risk, I think it would be wise to wait to give the initial cashier's check to the sellers until after a Notice of Rescission is recorded (as a contingency of the EPA). : Assuming the lender accepts your payment, what is preventing them from going ahead with the sale? A lawsuit? I hope there is something in the Code that prevents them from proceeding with the sale if there are no funds due to them at the time. : Thanks in advance! 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