Re: Deed of trust forclosure

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Posted by Nick(Colorado) on August 26, 2003 at 15:03:02:

In Reply to: Deed of trust forclosure posted by Bill on August 26, 2003 at 11:42:11:

Bill:

>I have a deed of trust on a condo in California based on a
>loan that's in default to the home owner. If I start
>foreclosure what happens at the trustee sale. Do I have
>to come up with cash to bid on the property? If none one
>bids do I get the property. I know the home owner will not
>file bankrupsy. The first mortgage is only a couple of months
>behind.

1. Title to the property will change hands.
2. Cash->No.
3. No outside bids->You get the property.

You will need to retain a local attorney to do all of the
paper work. There are usually houses that speciality in
doing foreclosure. If you hold the second, and the first is
in default, I would either get started on foreclosure, or
be prepared to reinstate the first.

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Comments:




: Bill:





: >I have a deed of trust on a condo in California based on a 


: >loan that's in default to the home owner. If I start 


: >foreclosure what happens at the trustee sale. Do I have 


: >to come up with cash to bid on the property? If none one 


: >bids do I get the property. I know the home owner will not 


: >file bankrupsy. The first mortgage is only a couple of months 


: >behind.





: 1. Title to the property will change hands.


: 2. Cash->No.


: 3. No outside bids->You get the property.





: You will need to retain a local attorney to do all of the 


: paper work. There are usually houses that speciality in 


: doing foreclosure. If you hold the second, and the first is


: in default, I would either get started on foreclosure, or


: be prepared to reinstate the first.








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