Lien position

Posted by HousesPlus.com on September 13, 2003 at 13:01:33:

In Reply to: Calif foreclosure posted by JH on August 26, 2003 at 20:36:07:

Ward CA is the guy to ask about this one!! (foreclosureforum.com)

But the way it works here is, if you're not getting your payments, you can start foreclosing simultaneously. You will need to pay off the first and second to protect your position, if they are foreclosing. You may be able to reinstate (bring current) any senior liens and simply make the payments depending on where the process is. If you then foreclose and the homeowner tries to redeem, you would file a statement of your expenses and they would have to pay you back that money as well.

That is the way it works here in MN; not sure about CA. Check with Ward, he's an expert!

Another option - sell your note!

Good luck!

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: Ward CA is the guy to ask about this one!! (foreclosureforum.com)





: But the way it works here is, if you're not getting your payments, you can start foreclosing simultaneously.  You will need to pay off the first and second to protect your position, if they are foreclosing.  You may be able to reinstate (bring current) any senior liens and simply make the payments depending on where the process is.  If you then foreclose and the homeowner tries to redeem, you would file a statement of your expenses and they would have to pay you back that money as well.





: That is the way it works here in MN; not sure about CA.  Check with Ward, he's an expert!





: Another option - sell your note!





: Good luck!








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