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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Doing a JBB of a note that's in foreclosure. Posted by Ward-CA- on September 25, 2001 at 10:28 AM In Reply to: taking over a 2nd bene's note & foreclosure action posted by Rick on September 24, 2001 at 3:51 PM : Ward, : We are getting creative here... A JBB prospect we've been researching turned out to have a NOD on the 2nd. If we approached the bene to buy the note, could we buy it and also take over thier foreclosure process, using their trustee -- or would we have to start our own foreclosure from scratch? =•=•=•=•=•=•=•=•=•=•=•=•=• Rick, generally you would leave the current trustee and the ongoing foreclosure intact (with the trustee’s OK). But even if you didn’t you wouldn’t have to start over from scratch, just record a new NTS and continue on. By the way, when you’re substituting a trustee during a foreclosure in California, you have to send a copy of the recorded substitution to the trustor. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : We are getting creative here... A JBB prospect we've been researching turned out to have a NOD on the 2nd. If we approached the bene to buy the note, could we buy it and also take over thier foreclosure process, using their trustee -- or would we have to start our own foreclosure from scratch? : =•=•=•=•=•=•=•=•=•=•=•=•=• : Rick, generally you would leave the current trustee and the ongoing foreclosure intact (with the trustee’s OK). But even if you didn’t you wouldn’t have to start over from scratch, just record a new NTS and continue on. : By the way, when you’re substituting a trusteed during a foreclosure in California, you have to send a copy of the recorded substitution to the trustor. 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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