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 ] Senior Foreclosure for Deed Posted by Cary on September 12, 2003 at 9:20 AM Ward, If a senior lien is foreclosing, I believe that they will get the trustee's deed free of all of other liens and judgments if no one at the auction outbids him. #1 - Does that mean that if the senior lien purposely wants to get the house as a REO, can't he inflate the opening bid near or above the FMV to discourage all bidders at the auction? Of course, this would probably require the trustor/homeowner to cooperate in "agreeing" with the fees and loan modifications. #2 - Are there guidelines on how much we can inflate the opening bid on the fees as a senior lien holder (e.g. limits on attorney's fees, foreclosure fees, etc.)? #3 - If there are guidelines on the fees, can't the lender simply do a "loan modification" with the cooperation of the trustor/homeowner to "increase" the amount of the lien and opening bid? Thanks for your help. Cary - CA Follow Ups: Messing with the opening foreclosure bid. Ward-CA- 10:04 AM, 09/12/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward, : If a senior lien is foreclosing, I believe that they will get the trustee's deed free of all of other liens and judgments if no one at the auction outbids him. : #1 - Does that mean that if the senior lien purposely wants to get the house as a REO, can't he inflate the opening bid near or above the FMV to discourage all bidders at the auction? Of course, this would probably require the trustor/homeowner to cooperate in "agreeing" with the fees and loan modifications. : #2 - Are there guidelines on how much we can inflate the opening bid on the fees as a senior lien holder (e.g. limits on attorney's fees, foreclosure fees, etc.)? : #3 - If there are guidelines on the fees, can't the lender simply do a "loan modification" with the cooperation of the trustor/homeowner to "increase" the amount of the lien and opening bid? : Thanks for your help. : Cary - CA 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. Read our privacy policy.

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