Re: short sale
Posted by Henry_CA on June 22, 2007 at 12:21:18:
In Reply to: short sale
Posted by Kathleen Vazquez on June 22, 2007 at 05:23:35:
Purchasing mortgage note at auction are very risky business. I have seen experience investor substance loss buying at auctions.
I am not sure why the lender did not foreclose sooner, five years is a long time. You may be best served by an attorney in your area and have the attorney check the valilty of your note.
If the first trust deed lender does initiates a foreclosure proceeding and the property sell at the county court hose, first the purchase note money’s go to the 1st trust lender any overage goes to the jr. lien holders and so on.
My experience with being a jr. lien hold the first trust deed usually does play hard ball, because the jr. lien will usually pay the past due to protect it lien interest. The Sr. lien hold see the jr. lien holder as a co-signer or guarantor to their loan because the jr. lien holders need to protect it position by not allowing the sr. lien to foreclose on the jr. lien position.
With regards to the sr. lien holder requiring a short pay package. My experience is they require it to obtain permission to except a lesser amount than what is owed. In your situation the are not concern because if you don’t bring the payments current they will foreclose ahead of you lien. With regards to the deferred maintenance there is not much at this point to go into.
I hope if explain myself correctly. I would like to be notified as thing progress because I am always interested in learning more. Thank in advance and good luck.
Respectfully,
Don (Henry)
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