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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Clarify... Buyout or Trustee Sale? Posted by Sean, N.C. on March 28, 2004 at 11:21 AM In Reply to: How to avoid or postpone 1st mortgage foreclosing? posted by bob on March 25, 2004 at 7:55 PM (I may have jumped to conclusions. It sounded to me like you won an auction of a 2nd mortgage, from the way your post was worded.) Did you buy the *property* at a trustee sale of the 2nd mortgage? -Or- did you buy the *note* from the 2nd mortgagee (at an 80K discount before the sale?) You may want to mention what state you're in, too. If you're a trustee sale winning bidder, and own the property, all you should need to do it contact Chase and pay the arrearage. They may ask you to formally assume the mortgage... but it's pretty common for a senior lender to waive this. They're usually glad to have someone more creditworthy than the last owner taking charge of things. If you're a 2nd note holder, I think you will be fine, assuming your state is a cash-at-the-sale style auction. The first could foreclose before your get the funds... but at least they're in the system, and should be dispersed. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : (I may have jumped to conclusions. It sounded to me like you won an auction of a 2nd mortgage, from the way your post was worded.) : Did you buy the *property* at a trustee sale of the 2nd mortgage? -Or- did you buy the *note* from the 2nd mortgagee (at an 80K discount before the sale?) You may want to mention what state you're in, too. : If you're a trustee sale winning bidder, and own the property, all you should need to do it contact Chase and pay the arrearage. They may ask you to formally assume the mortgage... but it's pretty common for a senior lender to waive this. They're usually glad to have someone more creditworthy than the last owner taking charge of things. : If you're a 2nd note holder, I think you will be fine, assuming your state is a cash-at-the-sale style auction. The first could foreclose before your get the funds... but at least they're in the system, and should be dispersed. 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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