Menu

Home › Forums › Housing › Anyone with info on the court house steps?

Viewing 15 posts - 16 through 30 (of 156 total)
1 2 3 … 9 10 11
  • Author
    Posts
  • March 25, 2008 at 10:24 AM #176360
    jpinpb
    Participant

    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.

    March 25, 2008 at 11:42 AM #175963
    boomer
    Participant

    If the 1st forecloses, the second is magically and completely wiped off, assuming the amount bid is equal or less to the amount the 1st is owed. The Second has the right to protect their position – they can bring the 1st current and foreclose on the property themselves. If the second forecloses, they are still responsible for the 1st.

    March 25, 2008 at 11:42 AM #176316
    boomer
    Participant

    If the 1st forecloses, the second is magically and completely wiped off, assuming the amount bid is equal or less to the amount the 1st is owed. The Second has the right to protect their position – they can bring the 1st current and foreclose on the property themselves. If the second forecloses, they are still responsible for the 1st.

    March 25, 2008 at 11:42 AM #176320
    boomer
    Participant

    If the 1st forecloses, the second is magically and completely wiped off, assuming the amount bid is equal or less to the amount the 1st is owed. The Second has the right to protect their position – they can bring the 1st current and foreclose on the property themselves. If the second forecloses, they are still responsible for the 1st.

    March 25, 2008 at 11:42 AM #176324
    boomer
    Participant

    If the 1st forecloses, the second is magically and completely wiped off, assuming the amount bid is equal or less to the amount the 1st is owed. The Second has the right to protect their position – they can bring the 1st current and foreclose on the property themselves. If the second forecloses, they are still responsible for the 1st.

    March 25, 2008 at 11:42 AM #176414
    boomer
    Participant

    If the 1st forecloses, the second is magically and completely wiped off, assuming the amount bid is equal or less to the amount the 1st is owed. The Second has the right to protect their position – they can bring the 1st current and foreclose on the property themselves. If the second forecloses, they are still responsible for the 1st.

    March 25, 2008 at 11:49 AM #175973
    jpinpb
    Participant

    Thank you for the clarification. Next question: Wouldn’t the second also foreclose? I guess I’m assuming if someone doesn’t pay on the 1st and the bank forecloses on the 1st, then I would think the people aren’t paying on the 2nd either. So if the 2nd is foreclosing, then if you’re on the steps, you’ll be on the hook for both, providing payments haven’t been made on either and both are being foreclosed? How does that work? What if someone else bids on the 2nd?

    March 25, 2008 at 11:49 AM #176326
    jpinpb
    Participant

    Thank you for the clarification. Next question: Wouldn’t the second also foreclose? I guess I’m assuming if someone doesn’t pay on the 1st and the bank forecloses on the 1st, then I would think the people aren’t paying on the 2nd either. So if the 2nd is foreclosing, then if you’re on the steps, you’ll be on the hook for both, providing payments haven’t been made on either and both are being foreclosed? How does that work? What if someone else bids on the 2nd?

    March 25, 2008 at 11:49 AM #176331
    jpinpb
    Participant

    Thank you for the clarification. Next question: Wouldn’t the second also foreclose? I guess I’m assuming if someone doesn’t pay on the 1st and the bank forecloses on the 1st, then I would think the people aren’t paying on the 2nd either. So if the 2nd is foreclosing, then if you’re on the steps, you’ll be on the hook for both, providing payments haven’t been made on either and both are being foreclosed? How does that work? What if someone else bids on the 2nd?

    March 25, 2008 at 11:49 AM #176334
    jpinpb
    Participant

    Thank you for the clarification. Next question: Wouldn’t the second also foreclose? I guess I’m assuming if someone doesn’t pay on the 1st and the bank forecloses on the 1st, then I would think the people aren’t paying on the 2nd either. So if the 2nd is foreclosing, then if you’re on the steps, you’ll be on the hook for both, providing payments haven’t been made on either and both are being foreclosed? How does that work? What if someone else bids on the 2nd?

    March 25, 2008 at 11:49 AM #176424
    jpinpb
    Participant

    Thank you for the clarification. Next question: Wouldn’t the second also foreclose? I guess I’m assuming if someone doesn’t pay on the 1st and the bank forecloses on the 1st, then I would think the people aren’t paying on the 2nd either. So if the 2nd is foreclosing, then if you’re on the steps, you’ll be on the hook for both, providing payments haven’t been made on either and both are being foreclosed? How does that work? What if someone else bids on the 2nd?

    March 25, 2008 at 12:35 PM #176023
    La Jolla Renter
    Participant

    The 2nd would not go to the expense to foreclose when they know there is no money in the property. If the first forecloses, it is all over for the second. That’s why all the seconds are worthless.

    My question is… are the banks holding the firsts letting them go for less than the amount of the first? If the first is for 650k and someone offers 600k are they taking it? Or is it just routine for them to just take it back into their inventory of homes to put into the mls?

    March 25, 2008 at 12:35 PM #176375
    La Jolla Renter
    Participant

    The 2nd would not go to the expense to foreclose when they know there is no money in the property. If the first forecloses, it is all over for the second. That’s why all the seconds are worthless.

    My question is… are the banks holding the firsts letting them go for less than the amount of the first? If the first is for 650k and someone offers 600k are they taking it? Or is it just routine for them to just take it back into their inventory of homes to put into the mls?

    March 25, 2008 at 12:35 PM #176382
    La Jolla Renter
    Participant

    The 2nd would not go to the expense to foreclose when they know there is no money in the property. If the first forecloses, it is all over for the second. That’s why all the seconds are worthless.

    My question is… are the banks holding the firsts letting them go for less than the amount of the first? If the first is for 650k and someone offers 600k are they taking it? Or is it just routine for them to just take it back into their inventory of homes to put into the mls?

    March 25, 2008 at 12:35 PM #176386
    La Jolla Renter
    Participant

    The 2nd would not go to the expense to foreclose when they know there is no money in the property. If the first forecloses, it is all over for the second. That’s why all the seconds are worthless.

    My question is… are the banks holding the firsts letting them go for less than the amount of the first? If the first is for 650k and someone offers 600k are they taking it? Or is it just routine for them to just take it back into their inventory of homes to put into the mls?

  • Author
    Posts
Viewing 15 posts - 16 through 30 (of 156 total)
1 2 3 … 9 10 11
  • You must be logged in to reply to this topic.