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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] This was causing me fits at the recorders office. Posted by Nick(CO) on November 05, 2001 at 9:14 AM In Reply to: Re: I hope you're as curious as I am. posted by Ward-CA- on November 04, 2001 at 5:29 PM I think that there are several important issues that I did not indicate in the first post. Mainly for the sake of brevity, as follows: 1) In Colorado there is a ROR for the owner of 75 days, plus a ROR of 10 days for the next lien holder. Each further lien holder has 5 days. IRS still has 120 days under federal law. 2) There were no bids at the trustee's sale, so the lien reverts to the orignal writers at 43K. 3) I think that the title company made a mistake: Mainly because IMO the new loan at 145K should not have been written while the house was under ANY encumberments. Especially any encumberments that the new loan company could not control, such as liens by the previous owners. Word of mouth deals from seller like: "Don't worry that lien will be gone in 6 mouths." are not usually good enough for my mortgage brokers. Correct my if I am wrong, but I think that the most likely scenario would be: The current owner would not feel that the 43K was his/her responsibility and would let the 75 days lapse. At this point the holder of the 145K lien would be forced to pay off the 43K, or lose any claim on the property (and income stream) Most likely followed by a suit against the title insurance company. The best scenario would be to have the 2nd lien holder forfeit their ROR, and to take ownership of the home. The question is, are there any techniques to make this out- come more likely. Given this I think that the 1st is worth 43K, but how to get it to be worth 70% of FMV... Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I think that there are several important issues that I : did not indicate in the first post. Mainly for the sake : of brevity, as follows: : 1) In Colorado there is a ROR for the owner of 75 days, plus : a ROR of 10 days for the next lien holder. Each further lien : holder has 5 days. IRS still has 120 days under federal law. : 2) There were no bids at the trustee's sale, so the lien : reverts to the orignal writers at 43K. : 3) I think that the title company made a mistake: Mainly : because IMO the new loan at 145K should not have been written : while the house was under ANY encumberments. Especially any : encumberments that the new loan company could not control, : such as liens by the previous owners. Word of mouth deals : from seller like: "Don't worry that lien will be gone in : 6 mouths." are not usually good enough for my mortgage : brokers. : Correct my if I am wrong, but I think that the most likely : scenario would be: The current owner would not feel that the : 43K was his/her responsibility and would let the 75 days lapse. : At this point the holder of the 145K lien would be forced : to pay off the 43K, or lose any claim on the property (and : income stream) Most likely followed by a suit against the title : insurance company. : The best scenario would be to have the 2nd lien holder : forfeit their ROR, and to take ownership of the home. The : question is, are there any techniques to make this out- : come more likely. Given this I think that the 1st is worth : 43K, but how to get it to be worth 70% of FMV... 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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