Anyone with info on the court house steps?

[La Jolla Renter]

What will happen at the court house steps?

I know a woman that stopped paying her mortgage 5 months ago and her house is going to auction on the court house steps next month. It is a 650k first and a 150k second. I think the market value of the house is maybe 600-650k.

So I assume the second will not show, but what are the banks holding a first doing? Are they taking any cashiers checks for less that the mortgage amount? or is the first day on the court house steps more of a procedure to get the house back?

Anyone know?

[jpinpb]

I’m not too familiar w/the process, but someone told me that if you get something on the steps, you assume everything that’s owed on it, any other loans (seconds), any defaulted property taxes, any judgements, mechanics liens, IRS liens filed on it, defaulted HOAs, if applicable, etc. I could be wrong, as I said, not sure.

[jpinpb]

I’m not too familiar w/the process, but someone told me that if you get something on the steps, you assume everything that’s owed on it, any other loans (seconds), any defaulted property taxes, any judgements, mechanics liens, IRS liens filed on it, defaulted HOAs, if applicable, etc. I could be wrong, as I said, not sure.

[jpinpb]

I’m not too familiar w/the process, but someone told me that if you get something on the steps, you assume everything that’s owed on it, any other loans (seconds), any defaulted property taxes, any judgements, mechanics liens, IRS liens filed on it, defaulted HOAs, if applicable, etc. I could be wrong, as I said, not sure.

[jpinpb]

I’m not too familiar w/the process, but someone told me that if you get something on the steps, you assume everything that’s owed on it, any other loans (seconds), any defaulted property taxes, any judgements, mechanics liens, IRS liens filed on it, defaulted HOAs, if applicable, etc. I could be wrong, as I said, not sure.

[jpinpb]

I’m not too familiar w/the process, but someone told me that if you get something on the steps, you assume everything that’s owed on it, any other loans (seconds), any defaulted property taxes, any judgements, mechanics liens, IRS liens filed on it, defaulted HOAs, if applicable, etc. I could be wrong, as I said, not sure.

[boomer]

If it is the 1st taking this to sale, the second has the option of either bringing the 1st current, or being completely wiped off – unless the amount of the bid on the 1st leaves $ left over after fully paying off the 1st, that money would spill down to the second. You would still owe property taxes and HOA, and IRS liens may be a problem. Judgements and mechanics liens would be wiped off as well if they were recorded after the 1st.

What’s interesting to me in this case is the speed in which the process took place. I was under the impression that they were not filing NODs for a average of 8 months after payments stopped. Add 3 months under NOD and 3 weeks under NTS and you are pretty close to a year. Was this a private/small bank lender?

[boomer]

If it is the 1st taking this to sale, the second has the option of either bringing the 1st current, or being completely wiped off – unless the amount of the bid on the 1st leaves $ left over after fully paying off the 1st, that money would spill down to the second. You would still owe property taxes and HOA, and IRS liens may be a problem. Judgements and mechanics liens would be wiped off as well if they were recorded after the 1st.

What’s interesting to me in this case is the speed in which the process took place. I was under the impression that they were not filing NODs for a average of 8 months after payments stopped. Add 3 months under NOD and 3 weeks under NTS and you are pretty close to a year. Was this a private/small bank lender?

[boomer]

If it is the 1st taking this to sale, the second has the option of either bringing the 1st current, or being completely wiped off – unless the amount of the bid on the 1st leaves $ left over after fully paying off the 1st, that money would spill down to the second. You would still owe property taxes and HOA, and IRS liens may be a problem. Judgements and mechanics liens would be wiped off as well if they were recorded after the 1st.

What’s interesting to me in this case is the speed in which the process took place. I was under the impression that they were not filing NODs for a average of 8 months after payments stopped. Add 3 months under NOD and 3 weeks under NTS and you are pretty close to a year. Was this a private/small bank lender?

[boomer]

If it is the 1st taking this to sale, the second has the option of either bringing the 1st current, or being completely wiped off – unless the amount of the bid on the 1st leaves $ left over after fully paying off the 1st, that money would spill down to the second. You would still owe property taxes and HOA, and IRS liens may be a problem. Judgements and mechanics liens would be wiped off as well if they were recorded after the 1st.

What’s interesting to me in this case is the speed in which the process took place. I was under the impression that they were not filing NODs for a average of 8 months after payments stopped. Add 3 months under NOD and 3 weeks under NTS and you are pretty close to a year. Was this a private/small bank lender?

[boomer]

If it is the 1st taking this to sale, the second has the option of either bringing the 1st current, or being completely wiped off – unless the amount of the bid on the 1st leaves $ left over after fully paying off the 1st, that money would spill down to the second. You would still owe property taxes and HOA, and IRS liens may be a problem. Judgements and mechanics liens would be wiped off as well if they were recorded after the 1st.

What’s interesting to me in this case is the speed in which the process took place. I was under the impression that they were not filing NODs for a average of 8 months after payments stopped. Add 3 months under NOD and 3 weeks under NTS and you are pretty close to a year. Was this a private/small bank lender?

[jpinpb]

boomer – I’m a little slow. Would you please explain to a novice such as myself who is eager to learn, what does it mean the 2nd has the option of bringing the 1st current. Does it just magically go away at foreclosure?

Wouldn’t most liens be recorded after the 1st? What would be the point of filing a lien, then, if it’ll be wiped at foreclosure? I guess it’ll only help if you sell. Answered that myself.

[jpinpb]

boomer – I’m a little slow. Would you please explain to a novice such as myself who is eager to learn, what does it mean the 2nd has the option of bringing the 1st current. Does it just magically go away at foreclosure?

Wouldn’t most liens be recorded after the 1st? What would be the point of filing a lien, then, if it’ll be wiped at foreclosure? I guess it’ll only help if you sell. Answered that myself.

[jpinpb]

boomer – I’m a little slow. Would you please explain to a novice such as myself who is eager to learn, what does it mean the 2nd has the option of bringing the 1st current. Does it just magically go away at foreclosure?

Wouldn’t most liens be recorded after the 1st? What would be the point of filing a lien, then, if it’ll be wiped at foreclosure? I guess it’ll only help if you sell. Answered that myself.

[jpinpb]

boomer – I’m a little slow. Would you please explain to a novice such as myself who is eager to learn, what does it mean the 2nd has the option of bringing the 1st current. Does it just magically go away at foreclosure?

Wouldn’t most liens be recorded after the 1st? What would be the point of filing a lien, then, if it’ll be wiped at foreclosure? I guess it’ll only help if you sell. Answered that myself.

[Author]

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