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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Are we on top of things? Posted by Troy on November 30, 2001 at 10:37 AM In Reply to: Are we on top of things? posted by Alfred CA on October 13, 2001 at 1:58 AM Alfed, below is a post you wrote back in October regarding a JBB deal you were working on, and I was wondering, how did things turn out for you in this deal? Also, just out of curiousity, what would happen if a trustor filed BK after you bought out a 2nd secured against his property and had already started your own foreclosure and filed a NOD. Would you simply sell the note and cut your losses? Or, would you wait and see if he follows through and gets his plan approved/declined? Thanks for your help, and I hope things are going great for you. Troy ===================================== : Ward, : Re: This 1st JBB project of ours. We checked with the trustee 2 days before the deadline to reinstate. The trustor hadn't done anything so we stepped in and reinstated the 12K. Trustee called us the next day informing us that the trustor had reinstated also and he was accepting his reinstatement over ours. That's understandable. : Incidentally, we found out from trustee that the trustor would've reinstated a week earlier, but he had mailed the check to the wrong address. It was returned to him and then he had to remail it. We had wondered why he hadn't reinstated or refinanced because he's got close to 60K in equity. : So now it looks like we just sit back and wait out our 111 days. I guess the remaining three scenarios are... 1) we may get reinstated before we have our trustee sale (if so, we sell the note); 2) we may get paid in full through our sale (if so, we get our full amount owed, and any overbid goes to the trustor, since there isn't a 3rd); or 3) we may get the property through our sale (if so, we clean it up and do a quick sale, making the most profit of all). Does this all look right to you? Follow Ups: Re: All bases are covered Ward-CA- 7:34 PM, 11/30/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Alfed, below is a post you wrote back in October regarding a JBB deal you were working on, and I was wondering, how did things turn out for you in this deal? : Also, just out of curiousity, what would happen if a trustor filed BK after you bought out a 2nd secured against his property and had already started your own foreclosure and filed a NOD. Would you simply sell the note and cut your losses? Or, would you wait and see if he follows through and gets his plan approved/declined? : Thanks for your help, and I hope things are going great for you. : Troy : ===================================== : : Ward, : : Re: This 1st JBB project of ours. We checked with the trustee 2 days before the deadline to reinstate. The trustor hadn't done anything so we stepped in and reinstated the 12K. Trustee called us the next day informing us that the trustor had reinstated also and he was accepting his reinstatement over ours. That's understandable. : : Incidentally, we found out from trustee that the trustor would've reinstated a week earlier, but he had mailed the check to the wrong address. It was returned to him and then he had to remail it. We had wondered why he hadn't reinstated or refinanced because he's got close to 60K in equity. : : So now it looks like we just sit back and wait out our 111 days. I guess the remaining three scenarios are... 1) we may get reinstated before we have our trustee sale (if so, we sell the note); 2) we may get paid in full through our sale (if so, we get our full amount owed, and any overbid goes to the trustor, since there isn't a 3rd); or 3) we may get the property through our sale (if so, we clean it up and do a quick sale, making the most profit of all). Does this all look right to you? 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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