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 ] Right To Reinstate is exclusive to the affected note holder.. Posted by Ward-CA- on May 09, 2003 at 6:45 PM In Reply to: Right To Reinstate 1st Trust Deed posted by Tom Huntington on May 09, 2003 at 12:26 AM : Hello, : I attended a real estate meeting this week in Orange County where the person speaking said... : If you buy a 2nd trust deed and want to reinstate the 1st trust deed, the 1st trust deed does not have to let you reinstate the loan if they don't want to because you are not the original, originator of the 2nd TD loan. Is this correct? : The person went on to say you would want to have the 2nd trust deed get written permission from the first that you, the buyer would have the right of reinstatement, before purchasing the loan. =•=•=•=•=•=•=•=•=•=•= Tom, (A). California extends the Right of Reinstatement to any recorded lien holder or interest holder that is adversely affected by the ongoing foreclosure of a senior lien. Since a 2nd lien holder is adversely affected by the foreclosure of a 1st lien, the 2nd has the right to cure the foreclosure of the 1st. California doesn’t care who was the original creator of the 2nd. What’s material is that all rights and privileges held by the original creator of the 2nd lien pass on by recorded assignment to the current owner of the 2nd. (B). The holder of the 1st lien has no power to approve or disapprove of the contractural rights of any other junior lien that’s on title. The right to reinstate a senior lien inures to the beneficiary or mortagee of a junior lien without prior qualification from any senior lien. Follow Ups: Re: Right To Reinstate is exclusive to the affected note holder.. Tom Huntington 11:48 PM, 05/09/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Hello, : : I attended a real estate meeting this week in Orange County where the person speaking said... : : If you buy a 2nd trust deed and want to reinstate the 1st trust deed, the 1st trust deed does not have to let you reinstate the loan if they don't want to because you are not the original, originator of the 2nd TD loan. Is this correct? : : The person went on to say you would want to have the 2nd trust deed get written permission from the first that you, the buyer would have the right of reinstatement, before purchasing the loan. : =•=•=•=•=•=•=•=•=•=•= : Tom, : (A). California extends the Right of Reinstatement to any recorded lien holder or interest holder that is adversely affected by the ongoing foreclosure of a senior lien. Since a 2nd lien holder is adversely affected by the foreclosure of a 1st lien, the 2nd has the right to cure the foreclosure of the 1st. California doesn’t care who was the original creator of the 2nd. What’s material is that all rights and privileges held by the original creator of the 2nd lien pass on by recorded assignment to the current owner of the 2nd. : (B). The holder of the 1st lien has no power to approve or disapprove of the contractural rights of any other junior lien that’s on title. : The right to reinstate a senior lien inures to the beneficiary or mortagee of a junior lien without prior qualification from any senior lien. 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