Foreclosure questions. Help. - Posted by Kevin

Posted by Kevin on January 23, 2004 at 10:01:08:

Bill,

Thanks for answering that question. One more quick, just to clarify.

If the Home Owner does NOT redeem, but the 2nd in line does, do the other junior lien holders 3,4,5… still stay in tact? Or once the owner is out of the picture, if as a junior you didn’t redeem, you are SOL?

I have been working with Paul Wells, and was supposed to come to the foreclosure seminar, but unfortunately, I have an out of state family engagement I cannot miss. I really wanted to go, you have a great line up. I hope it is one of those things, you record and sell afterwards.

Thanks,

Kevin

Foreclosure questions. Help. - Posted by Kevin

Posted by Kevin on January 23, 2004 at 24:04:08:

Colorado home has three liens. First lien is in foreclosure, and has already gone to auction. Bank now has it.

Q(1) If owner redeems the first within the 75 days, do the junior liens stay intact? Or are they wiped out?

Q(2) If owner does not redeem in the 75 days, and the 2nd lien holder does what happens to the other junior lien holders?

Q(3) Does the 2nd lien holder have to wait the full 75 days before filing their intent?

Q(4) If the 2nd lien holder files the intent to redeem, how long do they have to close the deal? As in when they file intent do they have to have cash in hand?

Q(5) If owner does redeem, and 2nd stays intact, but was not receiving payments, could they then file for foreclosure? Or would they normally do it while the first foreclosure process is going on?

Just trying to learn the process, any help would be greatly appreciated.

Thank you,

Kevin

Re: Foreclosure questions. Help. - Posted by William Bronchick

Posted by William Bronchick on January 23, 2004 at 09:01:44:

These are a lot of Q’s, but I’ll answer the most common question I get when it comes to Colorado foreclosure, which is your first Q:

“If owner redeems the first within the 75 days, do the junior liens stay intact? Or are they wiped out?”

Redemption of the 1st lien puts the owner back in the same place he was before the foreclosure started, sans the 1st lien. So, the junior liens remain in tact.

You may be interested in my upcoming foreclosure symposium in Denver, during which I will cover a lot of these issues:

http://www.foreclosure-seminar.com