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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Dealing with remaining senior liens.. Posted by Ward-CA- on August 29, 2003 at 4:49 PM In Reply to: 2nd posted by W on August 29, 2003 at 12:53 AM : If you successfully bid on a 2nd loan, do you automatically take over the 1st mortgage also. Can someone explain the process in CA. Thanks -=-=-=-=-=-=- When you're the highest bidder, at the foreclosure auction of a junior lien, you get title to the property subject to all liens that recorded before the foreclosed lien. You can't "automatically" take over a senior lien. You need to call each one individually and inquire as to any delinquent payments and make arrangements to pay them. You might also contact the county tax collector and find out what delinquent property taxes are extant. If you're thinking of keeping the property then you might want to formally assume any remaining senior loan via an assumption agreement with the lender. But if you're going to quickly flip the property and your local real estate market is fairly vibrant, you might skip assuming the loan because of the short time it'll be in your inventory. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : If you successfully bid on a 2nd loan, do you automatically take over the 1st mortgage also. Can someone explain the process in CA. Thanks : -=-=-=-=-=-=- : When you're the highest bidder, at the foreclosure auction of a junior lien, you get title to the property subject to all liens that recorded before the foreclosed lien. : You can't "automatically" take over a senior lien. You need to call each one individually and inquire as to any delinquent payments and make arrangements to pay them. You might also contact the county tax collector and find out what delinquent property taxes are extant. : If you're thinking of keeping the property then you might want to formally assume any remaining senior loan via an assumption agreement with the lender. But if you're going to quickly flip the property and your local real estate market is fairly vibrant, you might skip assuming the loan because of the short time it'll be in your inventory. 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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