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: Chapter 13/defaulted on payment schedule Posted by Bill H on June 28, 2003 at 7:22 PM In Reply to: Chapter 13/defaulted on payment schedule posted by JC/La Quinta on June 28, 2003 at 4:51 PM : One of the Jr. Bene's in our inventory filed chapter 13 a year ago. 2nd T. D. is current but debtor struggles with payments. Recently we inquired on the status of the 1st and they advised that the debtor was behind three months. We call every month and get a different answer, but this time a senior supervisor jumped into the conversation with me. : We brought the 1st T. D. current a year and a half ago prior to T. D. Sale. Then debtor filed a chapter 13. We are being paid out our initial advance to the 1st T. D. through the repayment plan through the chapter 13, no interest, payroll deductions. The balance is around 8K. What are the courts going to do when they find out she is behind 3 months. How can we get into first place on foreclosure even though debtor is current with our 2nd T. D. payments? Check your deed of trust. Normally paragraph 2,3,4,(somewhere in that area) says that they will keep current on any lien, encumberance, etc., senior to or imparing the security interest, etc. Then following that is the remedial clauses. You should, depending on your deed of trust, be able to step up and protect your interest. Good Luck, Bill H Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : One of the Jr. Bene's in our inventory filed chapter 13 a year ago. 2nd T. D. is current but debtor struggles with payments. Recently we inquired on the status of the 1st and they advised that the debtor was behind three months. We call every month and get a different answer, but this time a senior supervisor jumped into the conversation with me. : : We brought the 1st T. D. current a year and a half ago prior to T. D. Sale. Then debtor filed a chapter 13. We are being paid out our initial advance to the 1st T. D. through the repayment plan through the chapter 13, no interest, payroll deductions. The balance is around 8K. What are the courts going to do when they find out she is behind 3 months. How can we get into first place on foreclosure even though debtor is current with our 2nd T. D. payments? : : Check your deed of trust. Normally paragraph 2,3,4,(somewhere in that area) says that they will keep current on any lien, encumberance, etc., senior to or imparing the security interest, etc. Then following that is the remedial clauses. You should, depending on your deed of trust, be able to step up and protect your interest. : Good Luck, : Bill H 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