australian rappelling member of two law firms 16 gauge double barrel shotgun definition of genome shopping sony rdrhx900 custom ringbacks grapevine reality fortune web adsensecashads com ss hg nc 17 stoney point shooting sticks crack rock cooking hypnotized celebrities earth and moon cratering ibm lto lto2 ultrium drives leather mustang belt haviland limoges moss rose how to overseed a lawn c ring swimwear reflex gyro dennis morgenstern newest trend in eyewear mechanic hepatitis giles thompson oklahoma waterfront property in st simons handgun safe defensive use german figural anniversary clocks akron plastic surgeon east tennessee virtual assistant campground in fl invention of the work uniform used software adobe poughkeepsie weather uk cycle shops remote codes for philips fastdubs net free self diagnosis how to clean dishwasher perforated steel decking huntington beach temporary office space sabine schmitz nurburgring spitfire rc airplane kits electric truckstop great falls mt lake geneva mortgage nana vcd brer rabbit molasses recipe pearl lowe designer pictures of suburban cities edi xml exchange china labor force history facts anxiety games msw degree online sale key switch united airlines intranet million web adsensecashads com young underage teen models texas before and after rhinoplasty lubbock land for sale haas obit material cdm listen to az yet album obeissance 1 2 3 fruit cake cookie recipes sod denver tyga entertainment new orleans topographic map dodge cummins pusher pump combat decorations tatted doily pattern black cat cafe honolulu new york vioxx drug interaction mp3 living version bible boydvacationshawaii sugar land tooth whitening 12 volt motorcycle compressor cali psychic walmart overnight free crochet scarf patterns beeswax face cream recipes download frontpage 2003 service pack xanadu rock group red oak cemetery worth georgia vinyl goldfish women setting boundaries with men access north ga com winthrop washington motels cabins build paper airplane marty casey inxs john hamon glass nammour bechara algae cynobacteria and water quality dogfartvidz roscoe hough dinesy channle games hearldsburg california portland outdoor store desert botanical garden pictures casper wyoming newspaper torrie wilson playb san antonio dragway westfield volunteer fire department
Posted by Edwin L. on October 14, 2005 at 17:20:36:
There will be a trust deed sale for a SFH in the next couple of weeks in which I will be attending, with a minimum bid of $105-$110K. The FMV is approximately $250K. I pulled the preliminary report on the property and the only trust deed on the property is the one instituting the foreclosure proceeding, however, the loan amount on record is only $60K dated (loan date 1986). The property exterior looks normal, but I am unable to get inside because the owners are occupying the property. If I am successful at the trust deed sale, can any unrecorded lien show up after the sale and bite me in the ass?? Assuming that there is about $20K in expenses (eviction, atty., rehab, title, etc.), what should my top offer be? What else should I investigate into before attending the trust deed sale?
I’m looking at doing my first foreclosure soon, same as you. Here’s what I found in my local (TX area): at auction the mortgage bank bids appraised value or higher, thus a winning bid with no cost to them, as they end up with the house and the money.
So Brian is right, get over and get the deal done, even if you don’t end up with the house at unpaid balance. 'Cause you won’t get it at auction at that price. Tell the owner this is flat out his best option, and forebearance isn’t an option unless his income situation is already better. Good luck!! BTW, how’d you find out about this deal?
Posted by Brian (UT) on October 14, 2005 at 20:12:25:
Edwin
What state, why is the minimun bid more than the loan balance plus foreclosing expenses, and why aren’t you making a deal now before the sale. Get over to the owner and tell him your aware of whats going on and is there a way the two of you can come to some agreement which will net him more money then letting it go to trustee sale!
Posted by Natalie-VA on October 16, 2005 at 12:43:28:
John,
You said, “the mortgage bank bids appraised value or higher, thus a winning bid with no cost to them, as they end up with the house and the money.”
I may be misunderstanding this, but if a lender bids more than is due, and ends up with the house, don’t they have to pay the borrower the difference? If so, it wouldn’t make sense for lenders to do what you are saying.
I’m in Virginia and I’ve never seen a lender base their bid on an appraisal. They will usually bid what’s owed to them plus the fees they incurred taking the property to auction.
On occasion, I’ve seen lenders put in a specified bid for much less than what is owed because they don’t want the property.
It also depends on the type of loan. Lenders foreclosing on FHA loans will always bid full indebtedness.
Posted by Edwin L on October 16, 2005 at 19:00:05:
The foreclosure proceeding is in CA. I am not sure why the min. bid is so high in comparison to the first loan. I think contacting the owner’s is a great idea, however, since the auction in on Oct. 27th, isn’t the reinstatement period over by now? Or can I still reinstate? I have the funds to pay off their loan entirely. If I am the highest bidder, do you know what the redemption period is in CA? Appreciate any advice.
Natalie, I meant that what I saw bid was in the neighborhood of the appraised value, as if it was used as a guideline, not THE hard and fast number.
I may be, (probably am) wrong, but I think the process calls for the County to take possession of the property at the behest of the mortgager (and thus the mortgagee is shut out, which occurs I think close of business the day before the sale), and on behalf of the motgagor sells the property
to satisfy the mortgagors claim.
The mortgagee no longer has interest in the property (Legal control taken by the county?), and is due no proceeds from the sale in excess of the mortgagor. I assme this is the legalese for the process.
But I still stand by the point I made: the mortgager bid in the area of the appraisal value, shutting out opportunity to get the property at Balance owed type numbers. I saw several sets of courthouse sale docs, with numbers, and this is what I saw. I must admit I was only looking Bank owned, I don’t know what HUD would look like. I haven’t looked @ HUD 'cause I hear they are on hold selling foreclosures in TX for Katrina relocations, etc…
john deere 4410 monday night football wav framing home steel beastdating com sleazystarz punk music producer damsel in distress videos cell phone call list airforce reserves examples of bikini lines slave punnishment harness mesh analysis super loops haven cheats spiked headed katydid wendy palmer ashton stokes motocross track design grand canyon bridge pacs administrator employment beta blockers kinds rss news free feed car title loans winchester virginia terrence dewayne gage americanlake org lawyer advice free family fued game download pickup truck salvage ferrari 365 gt4 bb nart proof about area 51 projects wedding chapel designs free reverse telephone number lookup roscoes chicken and waffles pico military jeep sale commercial financing bad credit pattern making for darts time warners cable jebao submersible pump district of columbia zyprexa attorneys native american tattoo galleries red wing pepe gas engine conversion to hydrogen biography murray gell mann horseshoes for saddlebreds plastic surgery plano 1952 ford pickup truck desperate housewives ringtone polar bear food chain truedirtystories com haunted houses in oregon 188th mp co code lyoko theme song articles about debt negotiations buckwheat filled heating pads songs from paint your wagon best fantasy wide receivers gulf coast educators credit union cast of nip tuck taks reading release test gen x crumble louladakis 1870 power of attorney stamp hyndia protocol tcp 139 odessa and boxing colorov wool yarn custer sd real estate baby room pictures kid rock cowboy mp3 century wood burning stove dental prosthetic lab supply x box 360 pre order furniture donations monmouth county nj konga gough movie review safford az map bikini beach models ameliorer retour sur investissement georg ranch texas appareil numerique informatique bmw certified pre owned maryland 80s christian band harvest homeland security comprehensive assessment model how to paint cabinets how to airbrush water drops big dog motorcycle parts pembroke pines funeral services glitzypetjewelry com chopping round hay bales aurora financial services container ship accidents honda inspire body kit 2003 chevy tahoe wheels motor yacht sea star inflatable swim vest hate speech brigitte bardot jizzonline redlagoon studio the hobbit cheats search song by lyrics classic car radiator crucifix visor clip rice drying and storage
Posted by Brian (UT) on October 17, 2005 at 11:46:51:
Edwin
There is no redemption period in California after the trustee sale. The only thing that may happen is the chance of someone trying to overturn the sale by a claim that the sale was legally flawed,and if that proves to be the case then round two starts.
Why wait for the trustee sale unless there are junior liens that can be wiped out, and if there aren’t then why wait and risk another investor or buyer beating you out at the trustee sale?
I was just thinking…how would I obtain title insurance? I should have hazzard insurance in place immed. after winning the home. Don;t wan’t any sore owners burnning down the house. Any comments??? Thanks.
great outdoors grill company grills for 2005 tundra ted’s montana grill wood grill raincity grill paul wall grills nelly - grill ducane gas grill capital grill broilmaster premium gas grills star cinema grill tec grill paul wall grill chipolte grill teds montana grill austin grill weber grill restaurant lou’s grill and bistro great outdoors grill co. my grills electric grills union square grill mouth grills commercial grills laurie’s bar and grill used grills gold grill grill nelly brinkmann grills speaker grills grill by nelly george forman grill recipes sunray grill camp grill china grill rv gas grill phoenix grills george foreman grills portable gas grill stonewood grill
Posted by Brian (UT) on October 19, 2005 at 24:01:46:
Edwin
In your original post you stated you had pulled a preliminary report so I assumed this was a report from a title company so you were already familiar with title insurance companies. If that is the case go in and talk to the office manager about foreclosure
sales and title insurance. If it wasn’t a title company report what kind was it?
Posted by Edwin L. on October 19, 2005 at 17:57:12:
Brian,
It was a prelim. from a title company. The title officer advised me that after a foreclosure sale, title insurance can’t be issued, until I resold the property (flip it). That’s cool. She also told me to get a binder (hazzar) insurance for stand by if I was the highest bidder. I did talk to the owner, who said he was in the process of a refi. I not sure if he will make it time. Did I mentioned that the prelim. rpt indicated that the owner had (3) NODs on record. I went over to the property yesterday, and mannn…the property is neglected…you can see broken windows, etc. Do you know of any other unrecorded liens that can haunt me besides the IRS? Any other tips for me. This is my first deal. Thanks for your comments.