Re: Deed of trust forclosure
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 isin default, I would either get started on foreclosure, orbe prepared to reinstate the first.
