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Foreclosure in 92651 : Real Estate Advice

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  • Home Buying20
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Activity 5
Mon May 21, 2012
Thom Colby answered:
Jon -

It sounds like there's a lot of emotion between you and the borrower / owner. It also sounds like you need an Attorney much more than a Real Estate Agent or an Auction Company.

As I said before, if you do foreclose on the 2nd, the 1st with Wells Fargo is still in place and will need to be paid. In fact, it very likely has a "Due on Sale" clause in the Note. Is anyone prepared to immediately pay off the first?

The owner could always file BK at the very last moment which will stop your F/C and then they can request the court to strip the 2nd lien if there's not sufficient equity in the property above the $2.42MM owed to the 1st to support the 2nd.

You can sell the 2nd note, I don;t know how you can sell the property.

I AM NOT AN ATTORNEY. THE ABOVE REMARKS ARE MERELY MY PERSONAL OPINION AND SHOULD NOT BE CONSIDERED LEGAL ADVICE. YOU SHOULD SEEK LEGAL ADVICE FROM AN ATTORNEY AS SOON AS POSSIBLE.
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Fri May 18, 2012
Sharon Butler answered:
What the banks are doing is "their own" title insurance. It is buyer beware! and I really mean BEWARE. There is what I do for a living......I review the "Chain of Title" to verify first all the Corporation Assignments are correct, then I review the steps the lenders took prior to the TD Sale. In 4 out of 5 cases the Trustee did several things WRONG which could result in a Wrongful Foreclosure lawsuit. In fact I have one of those right now! Greed is a big problem an investor see a home that looks great, but he know nothing about researching prior to writing the check! It really does not cost that much to do your home work. If you are working with an agent who does not know how to do this SIMPLE review, then that agent should not be representing buyer who are doing "tricky" transactions! I work for many great agents who understand the importance of protecting their BUYERS and investors.Hope this helps. ... more
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Sat Jan 15, 2011
Terri Vellios answered:
Here is a link to answer some of your questions:

http://homebuying.about.com/od/4closureshortsales/qt/AuctionASIS.htm

One of the biggest concerns is title. If you purchase a home on the court steps you may actually be buying the second or third loan and still be responsible for superior loans. There is a great strand on Trulia by one unfortunate buyer who was a victim of this.

You are buying as is; which includes any liens, property taxes, etc.

Proceed with great caution.
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Wed Jul 7, 2010
Thom Colby answered:
Mel -

That is typically the amount of the past-due balance at the time the Default was filed. It is NOT the amount the property will sell for.

Best of luck,

Thom Colby
Broker / Owner
Thom Colby Properties
Newport Beach, CA
888-391-5245
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Thu Sep 3, 2009
Abe Mills answered:
Steve,
Each property is an individual case by case deal. I have seen terrific deals on both. For the seller usually a short sale is better, and sometimes the banks will go the extra mile to make the deal happen.

Good Luck
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