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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Probably the winning bidder at the trustee's sale of the 2nd... Posted by Ward-CA- on February 29, 2004 at 11:07 PM In Reply to: who get the over bidding posted by bh1240 on February 29, 2004 at 9:23 AM : a second loan was auctioned.buyer found the first loan was also auctioned one day before he recorded the trustee deed.Question is who will get the overbidding for the first loan auction,the borrower(previous owner) or the buyer who bought the second loan? ================== BH, CA law states that the winning bidder at a Trustee’s Sale is considered the legal owner of the foreclosed property as of 8:00 AM on the auction date, if he records his Trustee’s Deed no later than 15 days after the auction. Therefore, if the winning bidder at the trustee’s sale of the 2nd trust deed recorded his Trustee’s Deed in time, he is considered the property owner at the time the 1st went to trustee’s sale. Thus the new owner-by-foreclosure would receive the overbid from the foreclosure sale of the 1st trust deed. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : a second loan was auctioned.buyer found the first loan was also auctioned one day before he recorded the trustee deed.Question is who will get the overbidding for the first loan auction,the borrower(previous owner) or the buyer who bought the second loan? : ================== : BH, : CA law states that the winning bidder at a Trustee’s Sale is considered the legal owner of the foreclosed property as of 8:00 AM on the auction date, if he records his Trustee’s Deed no later than 15 days after the auction. : Therefore, if the winning bidder at the trustee’s sale of the 2nd trust deed recorded his Trustee’s Deed in time, he is considered the property owner at the time the 1st went to trustee’s sale. : Thus the new owner-by-foreclosure would receive the overbid from the foreclosure sale of the 1st trust deed. 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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