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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Some observations.. Posted by Larry Marshall on December 17, 2003 at 10:51 AM In Reply to: Some observations.. posted by Ward-CA- on December 16, 2003 at 7:41 AM : : I have a deed for a house in foreclosure in Los Angeles. The following are the positions: : : 1st TD: $160,000 : : 2nd TD: 40,000 : : It's been about 30 days since the NOD was filed. The 1st is in arrears about $10K and needs about 5-10K work. The house is worth about 230K. The 2nd seems not to want to discount at all. : : Can anyone estimate what additional charges the 1st might add before it goes to sale? : : Someone suggested curing the 1st and waiting for the 2nd to come around. Can anyone explain this strategy? I am confused about what it might accomplish. : : Thanks - Larry : ======================== : Larry, : The first is going to add the approximately $4,800 in trustee's fees for processing the foreclosure. In addition there will be about 4 months of additional interest (approx. $4,000) owing the 1st since the Notice of Default (NOD) was recorded. : Curing the 1st takes pressure off of the 2nd?it doesn't add any!! : Hope this helps. Ward, What approach can I take with the 2nd lien holder, who seems very willing to go to foreclosure sale? If the 1st is 180k (160K + 10 arrearages + 10K foreclosure costs) maybe they're right. Should it matter to the 2nd that there is at least 10K in repair work (roof and A/C) plus another 5K to clean it up? Thanks - Larry Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : I have a deed for a house in foreclosure in Los Angeles. The following are the positions: : : : 1st TD: $160,000 : : : 2nd TD: 40,000 : : : It's been about 30 days since the NOD was filed. The 1st is in arrears about $10K and needs about 5-10K work. The house is worth about 230K. The 2nd seems not to want to discount at all. : : : Can anyone estimate what additional charges the 1st might add before it goes to sale? : : : Someone suggested curing the 1st and waiting for the 2nd to come around. Can anyone explain this strategy? I am confused about what it might accomplish. : : : Thanks - Larry : : ======================== : : Larry, : : The first is going to add the approximately $4,800 in trustee's fees for processing the foreclosure. In addition there will be about 4 months of additional interest (approx. $4,000) owing the 1st since the Notice of Default (NOD) was recorded. : : Curing the 1st takes pressure off of the 2nd?it doesn't add any!! : : Hope this helps. : Ward, : What approach can I take with the 2nd lien holder, who seems very : willing to go to foreclosure sale? If the 1st is 180k (160K + 10 arrearages : + 10K foreclosure costs) maybe they're right. Should it matter to the : 2nd that there is at least 10K in repair work (roof and A/C) plus : another 5K to clean it up? : Thanks - Larry 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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