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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Made a mistake? how much was this worth? Posted by Nick(CO) on November 04, 2001 at 11:07 AM Readers: I recently passed on a (Colorado) foreclosure because I did not know how much the foreclosed lien could be worth. Please let me know what you think: 1. The lien in question was granted by previous owners. Originally 60K now at 40K. Would be minimum ~43K at auction. 2. Currently home is incumbered by large mortgage. Sale price on house ~175K, original loan amount for current owner ~145k. This newer lien was filed after (9+ months) the lien in default. 3. Of course the name on the property and the name on the lien being foreclosed do not match. The current owner (and pervious) may not have any idea what is going on. Or think that the other is responsible for the loan. 4. I assume the title company for the new owner made a mistake in allowing the new loan to go forward. (At least until the previous lien was discharged.) At minimum they may be responsible for the 40K. The question is: What is the maximum amount that the foreclosed lien could be worth. What is the best route to get to that value. Follow Ups: Re: I hope you're as curious as I am. Ward-CA- 5:29 PM, 11/04/01 (1) This was causing me fits at the recorders office. Nick(CO) 9:14 AM, 11/05/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Readers: : I recently passed on a (Colorado) foreclosure because I did not : know how much the foreclosed lien could be worth. Please let me : know what you think: : 1. The lien in question was granted by previous owners. : Originally 60K now at 40K. Would be minimum ~43K at auction. : 2. Currently home is incumbered by large mortgage. Sale price on : house ~175K, original loan amount for current owner ~145k. : This newer lien was filed after (9+ months) the lien in : default. : 3. Of course the name on the property and the name on the lien : being foreclosed do not match. The current owner (and pervious) : may not have any idea what is going on. Or think that the : other is responsible for the loan. : 4. I assume the title company for the new owner made a mistake : in allowing the new loan to go forward. (At least until the : previous lien was discharged.) At minimum they may be : responsible for the 40K. : The question is: What is the maximum amount that the foreclosed : lien could be worth. What is the best route to get to that value. 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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