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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Use an escrow as the payoff intermediary. Posted by Ward-CA- on December 02, 2001 at 3:20 PM In Reply to: Foreclosure - 2nd lien removal posted by andrew on December 01, 2001 at 11:06 AM : Home currently under foreclosure. Interested in keeping property. After foreclosure sale there will be no equity left to pay-off 2nd; therefore, offered 2nd lienholder less amount then originally owed and plan to reinstate 1st mortgage. 2nd Lienholder agreed to proposal but requires I send a check in the agreed amount, and they will coordinate with mortgage department to release lien (approximately 10 days processing time). Foreclosure sale is scheduled for late January and I am worried 2nd lienholder might delay process and keep money without settlement. What precautions should I take to ensure the process works seamlessly (2nd released then 1st reinstated)? A little aprehensive on sending check prior to getting agreement from bank to release lien on 2nd mortgage. Thanks for any help? =?=?=?=?=?=?=?=?=?=?= Andrew, why not escrow the payoff of the 2nd? It?s a common transaction that would make sure of you would be getting what you bargained for. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Home currently under foreclosure. Interested in keeping property. After foreclosure sale there will be no equity left to pay-off 2nd; therefore, offered 2nd lienholder less amount then originally owed and plan to reinstate 1st mortgage. 2nd Lienholder agreed to proposal but requires I send a check in the agreed amount, and they will coordinate with mortgage department to release lien (approximately 10 days processing time). Foreclosure sale is scheduled for late January and I am worried 2nd lienholder might delay process and keep money without settlement. What precautions should I take to ensure the process works seamlessly (2nd released then 1st reinstated)? A little aprehensive on sending check prior to getting agreement from bank to release lien on 2nd mortgage. Thanks for any help? : =?=?=?=?=?=?=?=?=?=?= : Andrew, why not escrow the payoff of the 2nd? It?s a common transaction that would make sure of you would be getting what you bargained for. 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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