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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: 2nd Deed of Trust Posted by Bill H on October 01, 2003 at 6:10 PM In Reply to: 2nd Deed of Trust posted by Kim Boatright on October 01, 2003 at 0:03 AM How will this affect the 2nd Deed of Trust. Will my Mother-in-Law receive her money if the house is foreclosed and sold by the bank? My husband holds Power-of-Attorney for his mother who has recently had a stroke and we need to make sure her interests are protected. Thank you for any information you can provide. Kim: >>>We feel that the said owners might not be able to sell the house and be behind in the payments to the point of foreclosure.<<< 1. Find out if the senior lien is in default..you may be worrying for nothing. 2. However: if it is in default...it is incumbent on you to take action to potect you m-in-law's position. NOBODY else will do it for you. 3. To avoid the foreclosure route and get the house with minimum hassle offer the owner the right to give you a "Deed In Lieu of Foreclosure". This simply says that you are willing to take the house back for what you are owed. You will as Sean W said in his post have to bring it current, make the repairs and try to sell it yourself. >>>How will this affect the 2nd Deed of Trust.<<< 4. If the bank forecloses they have no interest in whether your mother in law get anything or not. They cannot and will not be responsible for her protection. They will open the bidding for what they are owed plus their costs. >>>Will my Mother-in-Law receive her money if the house is foreclosed and sold by the bank?<<< 6. Only if the bidding goes higher than the opening bid and there is a surplus. >>>My husband holds Power-of-Attorney for his mother who has recently had a stroke and we need to make sure her interests are protected.<<< 7. He, being the legal guardian, has a responsibility and duty to take action to protect her position. Best of Luck, Bill H Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : How will this affect the 2nd Deed of Trust. Will my Mother-in-Law receive her money if the house is foreclosed and sold by the bank? My husband holds Power-of-Attorney for his mother who has recently had a stroke and we need to make sure her interests are protected. Thank you for any information you can provide. : Kim: : >>>We feel that the said owners might not be able to sell the house and be behind in the payments to the point of foreclosure.<<< : 1. Find out if the senior lien is in default..you may be worrying for nothing. : 2. However: if it is in default...it is incumbent on you to take action to potect you m-in-law's position. NOBODY else will do it for you. : 3. To avoid the foreclosure route and get the house with minimum hassle offer the owner the right to give you a "Deed In Lieu of Foreclosure". This simply says that you are willing to take the house back for what you are owed. You will as Sean W said in his post have to bring it current, make the repairs and try to sell it yourself. : >>>How will this affect the 2nd Deed of Trust.<<< : 4. If the bank forecloses they have no interest in whether your mother in law get anything or not. They cannot and will not be responsible for her protection. They will open the bidding for what they are owed plus their costs. : >>>Will my Mother-in-Law receive her money if the house is foreclosed and sold by the bank?<<< : 6. Only if the bidding goes higher than the opening bid and there is a surplus. : >>>My husband holds Power-of-Attorney for his mother who has recently had a stroke and we need to make sure her interests are protected.<<< : 7. He, being the legal guardian, has a responsibility and duty to take action to protect her position. : Best of 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

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