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: Impact of Due on Sale on Purchase of 2nd TD at Trustee's Sale Posted by scinv on September 22, 2003 at 8:20 PM In Reply to: Impact of Due on Sale on Purchase of 2nd TD at Trustee's Sale posted by Mark D on September 22, 2003 at 3:25 PM : I am looking at buying a second TD at a trustee's sale in CA. The first is in default, but trustee's sale on the first must be at least 60 days after the sale on the second, so there seems to be ample time to get things squared away on the first if need be. : What is the experience of the frequent trustee sale buyers of 2nds with respect to attempting to reinstate and/or continuing to make payments on a first, particularly if the holder is a major bank. I have the impression lenders don't want to take checks from 3rd parties, yet the idle chatter in the forum seems to say banks want the money and won't care where it comes from. As senior lenders, I believe they get notice of the impending sale of the junior liens, and if so, am concerned that they put it on a "watch list" follow up to enforce the DOS--or will immediately know what is up when you make a call to inquire about reinstating the 1st. Is any cooperation from the original borrower necessary to get the recission recorded. Do the defaulted buyers often call the holder of the 1st to get themselves off the loan. I have the impression that the originating banks often sell their interest, and that the real estate syndicator that bought the loan needs to watch to see that the loan continues to conform to original lending specs. : Has anyone encountered problem with the holder of the first. Do they ever simply refuse payments from the junior buyer and proceed on the default : I have looked through the forum, but don't see any direct responses. THT strategy discussed in other posts to the forum wouldn't seem to be applicable to a trustee sale. have never successfully purchaced at a trustee sale, but have bought many jr. trust deeds where the property has been deeded to me eventually. countrywide specifically, and most banks, recognize the jr. bene's financial interest, and actually appreciate the loan being brought current, insurance reinstated, taxes paid, etc. they recognize you as the owner of the property, just not the owner of the loan. they will readily accept your certified funds, and are usually more than happy to help you! equity purchases are a whole nother kettle of fish... Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I am looking at buying a second TD at a trustee's sale in CA. The first is in default, but trustee's sale on the first must be at least 60 days after the sale on the second, so there seems to be ample time to get things squared away on the first if need be. : : What is the experience of the frequent trustee sale buyers of 2nds with respect to attempting to reinstate and/or continuing to make payments on a first, particularly if the holder is a major bank. I have the impression lenders don't want to take checks from 3rd parties, yet the idle chatter in the forum seems to say banks want the money and won't care where it comes from. As senior lenders, I believe they get notice of the impending sale of the junior liens, and if so, am concerned that they put it on a "watch list" follow up to enforce the DOS--or will immediately know what is up when you make a call to inquire about reinstating the 1st. Is any cooperation from the original borrower necessary to get the recission recorded. Do the defaulted buyers often call the holder of the 1st to get themselves off the loan. I have the impression that the originating banks often sell their interest, and that the real estate syndicator that bought the loan needs to watch to see that the loan continues to conform to original lending specs. : : Has anyone encountered problem with the holder of the first. Do they ever simply refuse payments from the junior buyer and proceed on the default : : I have looked through the forum, but don't see any direct responses. THT strategy discussed in other posts to the forum wouldn't seem to be applicable to a trustee sale. : have never successfully purchaced at a trustee sale, but have bought many jr. trust deeds where the property has been deeded to me eventually. countrywide specifically, and most banks, recognize the jr. bene's financial interest, and actually appreciate the loan being brought current, insurance reinstated, taxes paid, etc. they recognize you as the owner of the property, just not the owner of the loan. they will readily accept your certified funds, and are usually more than happy to help you! equity purchases are a whole nother kettle of fish... 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