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Posted by damien on August 27, 2003 at 09:49:16:
In Reply to: Calif foreclosure posted by JH on August 26, 2003 at 20:36:07:
: I have the third trust deed on a residential property. The second is foreclosing. Do I need to pay off the second to protect myself? If so, am I able to initiate foreclosure immediately or do I wait for default of my new position. Any other ideas?
JH,
To protect your position on the property you should bring the loan current (2nd) and start foreclosure ASAP on your loan. You don't have to be past due with your current 3rd loan to foreclose, the borrower only has to be late on a senior lien and you can start the process.
If you are in the southern california area you can call my office and I can advise you on the best resources for the foreclosure process.
Good Luck
Damien
(909) 627-8170 ext 23
www.888wcps.com
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