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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: The effect of the priority of a foreclosing lien. Posted by Ward-CA- on December 21, 2001 at 10:12 PM In Reply to: Second Trust Deeds in Foreclosure posted by Gary - CA on December 20, 2001 at 4:40 PM : Ward, : I have lots of questions about scenarios involving more than one : loan on a property during a default. For example, can the holder of the second foreclose if the holder of the first has : foreclosed? What are the differences between only the first : foreclosing and the second foreclosing? Etc, etc. Can you point : me to some reading material to cover all these scenarios? Do you : cover this in your training? By the way, thanks for your support. : Regards : Gary =•=•=•=•=•=•=•=•=•=•=•= Gary, the foreclosure auction of a senior lien will wipe off the title of the property all subordinate liens and interests. So a second place trust deed or mortgage will not survive the foreclosure auction of the first lien. If just the second lien forecloses, it will only affect those liens and interests junior to it. Those liens and interests senior to it will remain unchanged and intact. Perhaps your local library has an out of print book, “Smart Trust Deed Investing” by George Coats. It is one of the best of the more contemporary books on the workings of trust deeds and the foreclosure procedures involving same. Our foreclosure training covers the priority of both voluntary and involuntary liens and the effects of foreclosure on all interests and encumbrances present. Hope this helps Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : I have lots of questions about scenarios involving more than one : : loan on a property during a default. For example, can the holder of the second foreclose if the holder of the first has : : foreclosed? What are the differences between only the first : : foreclosing and the second foreclosing? Etc, etc. Can you point : : me to some reading material to cover all these scenarios? Do you : : cover this in your training? By the way, thanks for your support. : : Regards : : Gary : =•=•=•=•=•=•=•=•=•=•=•= : Gary, the foreclosure auction of a senior lien will wipe off the title of the property all subordinate liens and interests. So a second place trust deed or mortgage will not survive the foreclosure auction of the first lien. : If just the second lien forecloses, it will only affect those liens and interests junior to it. Those liens and interests senior to it will remain unchanged and intact. : Perhaps your local library has an out of print book, “Smart Trust Deed Investing” by George Coats. It is one of the best of the more contemporary books on the workings of trust deeds and the foreclosure procedures involving same. : Our foreclosure training covers the priority of both voluntary and involuntary liens and the effects of foreclosure on all interests and encumbrances present. : Hope this helps 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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