Re: second mortgage sold at an auction

Posted by andrea on August 27, 2002 at 01:06:28:

In Reply to: Re: second mortgage sold at an auction posted by Nick(Colorado) on August 25, 2002 at 16:31:16:

Thank you for responding -- all of my research has lead me in thesame direction. However, there has been a new development that Iwould love to get your thoughts on. Although I cannot substantiatethis information, it is interesting. My attorney (unfortunetly not areal estate attorney) sent a written request to the lender of on thesecond mortage and a letter to real estate law firm that theyassigned the mortage to; requesting information on the default,notice of sale, and sale date but we have not heard anything backfrom them. That was several weeks ago. He also sent a letter to themanager of the limited partnership which bought it at the auction,aking he do the same. He has not responded either. So, I phoned themortgage lender and asked for the status and recent history of theloan. The gentleman on the phone was a bit confussed that I wasasking the questions because the notes on the case indicated thatthey had been in contact with me throughout the process. Because ofthis, he questioned if I was indeed who I said I was, which made himvery reluctant to give too much information. So he suggested that Isubmit a request in writing. He did tell me however, that the loanwas not sold at auction that it was sold just before auction. Hewouldn't tell me to whom. I then asked if that would be publicrecord and if I could obtain it any other place because of the timesensitive nature of the situation -- he indicated no. I then askedhow somebody would go about purchasing a loan prior to auction. Heresponded that it would have been arranged through the person holdingthe loan -- me??? I then checked with the county recorder and foundthe deed of sale which indicated that he purchased it at auction andwas the highest bidder. Very confused?? Any thoughts you may have Iwould truly appreciate. Thank you!!!

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Comments: : Thank you for responding -- all of my research has lead me in the : same direction. However, there has been a new development that I : would love to get your thoughts on. Although I cannot substantiate : this information, it is interesting. My attorney (unfortunetly not a : real estate attorney) sent a written request to the lender of on the : second mortage and a letter to real estate law firm that they : assigned the mortage to; requesting information on the default, : notice of sale, and sale date but we have not heard anything back : from them. That was several weeks ago. He also sent a letter to the : manager of the limited partnership which bought it at the auction, : aking he do the same. He has not responded either. So, I phoned the : mortgage lender and asked for the status and recent history of the : loan. The gentleman on the phone was a bit confussed that I was : asking the questions because the notes on the case indicated that : they had been in contact with me throughout the process. Because of : this, he questioned if I was indeed who I said I was, which made him : very reluctant to give too much information. So he suggested that I : submit a request in writing. He did tell me however, that the loan : was not sold at auction that it was sold just before auction. He : wouldn't tell me to whom. I then asked if that would be public : record and if I could obtain it any other place because of the time : sensitive nature of the situation -- he indicated no. I then asked : how somebody would go about purchasing a loan prior to auction. He : responded that it would have been arranged through the person holding : the loan -- me??? I then checked with the county recorder and found : the deed of sale which indicated that he purchased it at auction and : was the highest bidder. Very confused?? Any thoughts you may have I : would truly appreciate. Thank you!!! : : :

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