Re: One more question...

Posted by Frank on April 26, 2005 at 21:31:27:

In Reply to: Lien Perfection. posted by Frank on April 26, 2005 at 21:21:46:

: I an high bidder on a home in NC where the owner had a first, HELOC and a 3rd promissary note. Searching the public records , I found a lien perfection deed of trust recorded after the HELOC and before the 3rd promissay note.
: Could someone explain what this lien perfection is? I have outbid the 1st leinholder after a couple overbids, so I know I'm not on the hook for the 2nd or 3rd. I'm a little confused. Does this recorded deed mean that it is the 3rd lien and the promissary note was forth?

One more question. I'm trying to close on a loan to purchase this home, but in NC, the foreclosure homes are sold "AS-IS, WHERE-IS". The Trustee has said they will ask I can get into the home for the apprasial for the closing. We have'nt been in side yet, but due to the price we won the bidding with feel comfortable with purchasing it, NC has "RIGHT OF REDEMPTION" but only through the final 10 day bidding process. We were not overbid in 10 days, so we have the high bid and are working to close on the property. Anyone live in a state with this same problem.

Thanks in advance ...

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Comments:
: : I an high bidder on a home in NC where the owner had a first, HELOC and a 3rd promissary note. Searching the public records , I found a lien perfection deed of trust recorded after the HELOC and before the 3rd promissay note.
: : Could someone explain what this lien perfection is? I have outbid the 1st leinholder after a couple overbids, so I know I'm not on the hook for the 2nd or 3rd. I'm a little confused. Does this recorded deed mean that it is the 3rd lien  and the promissary note was forth?


: One more question. I'm trying to close on a loan to purchase this home, but in NC, the foreclosure homes are sold "AS-IS, WHERE-IS". The Trustee has said they will ask I can get into the home for the apprasial for the closing. We have'nt been in side yet, but due to the price we won the bidding with feel comfortable with purchasing it,  NC has "RIGHT OF REDEMPTION" but only through the final 10 day bidding process. We were not overbid in 10 days, so we have the high bid and are working to close on the property. Anyone live in a state with this same problem.

: Thanks in advance ... 


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