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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Jousting with the right of reinstatement Posted by Ward-CA- on November 20, 2001 at 3:14 PM In Reply to: Re: Jousting with the right of reinstatement posted by Dave on November 19, 2001 at 9:23 PM : Thanks for the response, Ward. : Hope you don?t mind if I drill down a bit more here? : When I purchase a preforeclosure property here in CA, I usually reinstate the loan(s), outside of escrow, with a cashier?s check (no indication who the payor is), just before or just after escrow closes. Do you have a better way? I always worry a bit that they are going to somehow realize the funds didn?t come from the trustor and the whole thing will turn to doo-doo. : You used the term ?adversely affected? by the foreclosure. If I had title, which I would by the time I gave anybody money, I would certainly be adversely affected. Since I would be adversely affected, they cannot refuse the money. Right? : It might be hard to understand why a lender would refuse reinstatement money, but, I can easily envision a lender making a hard money loan with the intent of acquiring title through an eventual foreclosure not wanting to see the loan reinstated. : Thanks, Dave =?=?=?=?=?=?=?=?=?=?= Dave, we also reinstate the delinquent payments directly rather than through any escrow or title company. Yes, holding title puts one in an adverse position vis a vis any foreclosing lien on the same property. I have also seen small, local, hard money lenders finagle things in order to grab the liened property rather than get paid off. Well, I can tell you know how to do this. Good luck. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Thanks for the response, Ward. : : Hope you don?t mind if I drill down a bit more here? : : When I purchase a preforeclosure property here in CA, I usually reinstate the loan(s), outside of escrow, with a cashier?s check (no indication who the payor is), just before or just after escrow closes. Do you have a better way? I always worry a bit that they are going to somehow realize the funds didn?t come from the trustor and the whole thing will turn to doo-doo. : : You used the term ?adversely affected? by the foreclosure. If I had title, which I would by the time I gave anybody money, I would certainly be adversely affected. Since I would be adversely affected, they cannot refuse the money. Right? : : It might be hard to understand why a lender would refuse reinstatement money, but, I can easily envision a lender making a hard money loan with the intent of acquiring title through an eventual foreclosure not wanting to see the loan reinstated. : : Thanks, Dave : =?=?=?=?=?=?=?=?=?=?= : Dave, we also reinstate the delinquent payments directly rather than through any escrow or title company. : Yes, holding title puts one in an adverse position vis a vis any foreclosing lien on the same property. : I have also seen small, local, hard money lenders finagle things in order to grab the liened property rather than get paid off. : Well, I can tell you know how to do this. Good luck. 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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