InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Make a secured loan... Posted by Ward-CA- on February 22, 2004 at 10:47 PM In Reply to: Re: What to do... posted by Rick on February 22, 2004 at 10:02 PM : Let me see if I understand the timing of payment and my exposure. : If I pay the $30K on Tuesday, but the cooling off period isn't over until Thursday, am I in violation of the law, since I can't give anything of value until Thursday? : And how do I guarantee they don't back out between Tuesday and Thursday, since I don't/can't get the deed and promisory note until Thursday? ================== Rick, The rule is you can’t give the defaulting home owner anything, prior to the lapse of the cancellation period. But you can make a loan of $30K that’s secured by a recorded trust deed and promissory note at any time. Follow Ups: Predatory Lending?? Lughead 2:49 PM, 02/23/04 (1) No, I don't see any egregious terms whatsoever.... Ward-CA- 11:09 PM, 02/23/04 (0) Re: Make a secured loan... Dave 11:32 AM, 02/23/04 (1) Foreclosure urgency and very soft terms... Ward-CA- 11:01 PM, 02/23/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : Let me see if I understand the timing of payment and my exposure. : : If I pay the $30K on Tuesday, but the cooling off period isn't over until Thursday, am I in violation of the law, since I can't give anything of value until Thursday? : : And how do I guarantee they don't back out between Tuesday and Thursday, since I don't/can't get the deed and promisory note until Thursday? : ================== : Rick, : The rule is you can’t give the defaulting home owner anything, prior to the lapse of the cancellation period. But you can make a loan of $30K that’s secured by a recorded trust deed and promissory note at any time. 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2004, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455