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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Restating #3. Posted by Ward-CA- on June 12, 2003 at 4:41 PM In Reply to: Re: Here's our view... posted by Rodney on June 12, 2003 at 2:10 PM : : #1. BankOne is just the agent for Crown Bank. It doesn’t have the independent authority to discount the opening bid. : : #2. Yes, FNMA will take less once they have title to the property. So that presupposes that it won’t sell to an outside bidder at the foreclosure auction. : : #3. The foreclosure sale of a junior lien will extinguish itself and wipe off the title of the property all those liens and interests junior to it. Either an outside bidder will take title to the property or the foreclosing lender if there’s no third party bidding. : : #4. Approach Crown Bank, the owner of the loan. Tell them you’d be willing to buy from the widow, but only at a price that would require Crown to reduce the payoff of their loan balance to the amount you feel is merited. : : : : Hope this helps. : On answer #3, do you mean sale of a senior(FNMA)? =•=•=•=•=•=•=•=•=•=•= Rodney, No, I was just stating a flat rule. The foreclosure of any lien, regardless of its overall priority, will extinguish itself at its foreclosure sale and wipe off title of the property any lien or interest junior to its priority. For example a foreclosing lien in 3rd position will wipe out its own position and any other lien or interest more junior than 3rd in priority. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : #1. BankOne is just the agent for Crown Bank. It doesn’t have the independent authority to discount the opening bid. : : : #2. Yes, FNMA will take less once they have title to the property. So that presupposes that it won’t sell to an outside bidder at the foreclosure auction. : : : #3. The foreclosure sale of a junior lien will extinguish itself and wipe off the title of the property all those liens and interests junior to it. Either an outside bidder will take title to the property or the foreclosing lender if there’s no third party bidding. : : : #4. Approach Crown Bank, the owner of the loan. Tell them you’d be willing to buy from the widow, but only at a price that would require Crown to reduce the payoff of their loan balance to the amount you feel is merited. : : : : : : Hope this helps. : : On answer #3, do you mean sale of a senior(FNMA)? : =•=•=•=•=•=•=•=•=•=•= : Rodney, : No, I was just stating a flat rule. The foreclosure of any lien, regardless of its overall priority, will extinguish itself at its foreclosure sale and wipe off title of the property any lien or interest junior to its priority. : For example a foreclosing lien in 3rd position will wipe out its own position and any other lien or interest more junior than 3rd in priority. 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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