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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Sr TD raised the payoff Posted by Brian on October 27, 2001 at 6:51 AM Ward, I made 3rd position loan of 12K to reinstate a first TD. 2nd TD was for 10K and was from a family member of Trustor. There was a provision in the note for borrowing additional funds on the 2nd for up to 75K. When I told the Trustor (now in default) to get paid up, he said he had borrowed the entire $75 and now I have no equity securing my TD. He was even bold enough to say he copied the cashiers check for proof and then loaned the money back to his friend, just to keep me from forclosing. It sounds like he covered his bases. Am I out of luck? Did the 2nd TD have a requirement to record the total possible loan or just the initial amount loaned? Thanks Follow Ups: Re: Advances have to be noted in the public record Ward-CA- 9:22 AM, 10/27/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward, I made 3rd position loan of 12K to reinstate a first TD. 2nd TD was for 10K and was from a family member of Trustor. There was a provision in the note for borrowing additional funds on the 2nd for up to 75K. When I told the Trustor (now in default) to get paid up, he said he had borrowed the entire $75 and now I have no equity securing my TD. He was even bold enough to say he copied the cashiers check for proof and then loaned the money back to his friend, just to keep me from forclosing. It sounds like he covered his bases. Am I out of luck? Did the 2nd TD have a requirement to record the total possible loan or just the initial amount loaned? Thanks 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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