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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Defaulting owner wasn't the occupant.. Posted by Ward-CA- on August 15, 2003 at 9:14 PM In Reply to: Follow up to OK-Letter posted by James-CA on August 15, 2003 at 5:28 PM : Hi Ward, : I would like to thank you for sharing your letter to the guy in OK with us but I have a question. : Suppose we fast forward that situation you had to today. If the property is in foreclosure, wouldn't you have to prepare an Equity Buyout Agreement as well instead of just a quitclaim deed or is the quitclaim deed enough in this situation? =============================== James, Remember, you only have to follow the dictates of CC 1695 if the debtors occupy the secured property that’s in foreclosure, or if you intend to occupy the premises. In this instance the borrowers had vacated the premises and were living in OK at the time I contacted them. Thus I was absolved from complying with the use of an EPA, etc. So no, fast forwarding wouldn’t change a thing. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward, : : I would like to thank you for sharing your letter to the guy in OK with us but I have a question. : : Suppose we fast forward that situation you had to today. If the property is in foreclosure, wouldn't you have to prepare an Equity Buyout Agreement as well instead of just a quitclaim deed or is the quitclaim deed enough in this situation? : =============================== : James, : Remember, you only have to follow the dictates of CC 1695 if the debtors occupy the secured property that’s in foreclosure, or if you intend to occupy the premises. : In this instance the borrowers had vacated the premises and were living in OK at the time I contacted them. Thus I was absolved from complying with the use of an EPA, etc. : So no, fast forwarding wouldn’t change a thing. 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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