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 ] Sound Like A Deal? Posted by SeanW on June 26, 2003 at 7:57 AM I'm looking at a this sale very soon. ------------------------------------------------------ Home owners A&B bought house and took out deed of trust for 60K in 1986. Sold to owner C in 1989 with assumption of the DOT by C. C divorces D in June 1993. Court records state C was abandoned and has no knowledge of D's wherabouts. No record of satisfaction for the old DOT, but C takes out a new DOT for 58500 in July 1993 There are some subsequent DOT's by C, that are junior to this one (which is foreclosing). ---------------------------------------------------- My thoughts on this: Even if C&D were married when the house was purchased, and D has implied marital interest (it's 1/3 in North Carolina after divorce under equitable distribution), D is so far out of the picture, that he wouldn't show up someday to reclaim his remaining marital interest. I suppose I could persue a quiet title action to end any doubts, though. Officially, there is a senior DOT out there. But It "smells like it's gone". This house wasn't worth enough to lend an additional 58.5K on over 10 years ago. It's barely worth 120K fixed up today. I have asked the lender of that senior DOT to tell me if it was paid... but you know how busy the lenders are now. I probably won't have an answer in time. House looks OK outside, but since it's been occupied for 14 years I'm assuming a fair amount of upgrading would be needed. Still, even assuming 60% FMV, we're looking at 72K as a good purchase price. And the bank bid should be around 40K on the forecloser. Comments, anyone? There are some safer looking deals on the plate... But this one does look quite profitable if my hazarding is on target. Follow Ups: Not that I can tell.. Ward-CA- 9:04 AM, 06/26/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I'm looking at a this sale very soon. : ------------------------------------------------------ : Home owners A&B bought house and took out deed of trust for 60K in 1986. : Sold to owner C in 1989 with assumption of the DOT by C. : C divorces D in June 1993. Court records state C was abandoned and has no knowledge of D's wherabouts. : No record of satisfaction for the old DOT, but C takes out a new DOT for 58500 in July 1993 : There are some subsequent DOT's by C, that are junior to this one (which is foreclosing). : ---------------------------------------------------- : My thoughts on this: : Even if C&D were married when the house was purchased, and D has implied marital interest (it's 1/3 in North Carolina after divorce under equitable distribution), D is so far out of the picture, that he wouldn't show up someday to reclaim his remaining marital interest. I suppose I could persue a quiet title action to end any doubts, though. : Officially, there is a senior DOT out there. But It "smells like it's gone". This house wasn't worth enough to lend an additional 58.5K on over 10 years ago. It's barely worth 120K fixed up today. I have asked the lender of that senior DOT to tell me if it was paid... but you know how busy the lenders are now. I probably won't have an answer in time. : House looks OK outside, but since it's been occupied for 14 years I'm assuming a fair amount of upgrading would be needed. Still, even assuming 60% FMV, we're looking at 72K as a good purchase price. And the bank bid should be around 40K on the forecloser. : Comments, anyone? There are some safer looking deals on the plate... But this one does look quite profitable if my hazarding is on target. 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