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Viewing 15 posts - 31 through 45 (of 86 total)
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  • September 22, 2009 at 9:30 PM #460905
    moneymaker
    Participant

    Somebody or entity somewhere owns these houses. Ownership can’t change without a paper trail, that’s to protect against fraud. The right of redemption however I’m less clear on. What if someone gets foreclosed on and then before a year is up wins the lottery and wants their house back. You know it’s going to happen to someone in CA someday.I’m guessing all monies would have to retrace, no harm / no foul. The new buyers would just have to happy to get their money back?

    September 22, 2009 at 9:46 PM #461204
    urbanrealtor
    Participant

    [quote=threadkiller]Somebody or entity somewhere owns these houses. Ownership can’t change without a paper trail, that’s to protect against fraud. The right of redemption however I’m less clear on. What if someone gets foreclosed on and then before a year is up wins the lottery and wants their house back. You know it’s going to happen to someone in CA someday.I’m guessing all monies would have to retrace, no harm / no foul. The new buyers would just have to happy to get their money back?[/quote]
    That would be true in a mortgage repo or a judicial foreclosure.
    However, California went to trust deeds and non-judicial about 30 years ago.
    There is no right of redemption for most California repos.

    September 22, 2009 at 9:46 PM #461002
    urbanrealtor
    Participant

    [quote=threadkiller]Somebody or entity somewhere owns these houses. Ownership can’t change without a paper trail, that’s to protect against fraud. The right of redemption however I’m less clear on. What if someone gets foreclosed on and then before a year is up wins the lottery and wants their house back. You know it’s going to happen to someone in CA someday.I’m guessing all monies would have to retrace, no harm / no foul. The new buyers would just have to happy to get their money back?[/quote]
    That would be true in a mortgage repo or a judicial foreclosure.
    However, California went to trust deeds and non-judicial about 30 years ago.
    There is no right of redemption for most California repos.

    September 22, 2009 at 9:46 PM #460930
    urbanrealtor
    Participant

    [quote=threadkiller]Somebody or entity somewhere owns these houses. Ownership can’t change without a paper trail, that’s to protect against fraud. The right of redemption however I’m less clear on. What if someone gets foreclosed on and then before a year is up wins the lottery and wants their house back. You know it’s going to happen to someone in CA someday.I’m guessing all monies would have to retrace, no harm / no foul. The new buyers would just have to happy to get their money back?[/quote]
    That would be true in a mortgage repo or a judicial foreclosure.
    However, California went to trust deeds and non-judicial about 30 years ago.
    There is no right of redemption for most California repos.

    September 22, 2009 at 9:46 PM #460397
    urbanrealtor
    Participant

    [quote=threadkiller]Somebody or entity somewhere owns these houses. Ownership can’t change without a paper trail, that’s to protect against fraud. The right of redemption however I’m less clear on. What if someone gets foreclosed on and then before a year is up wins the lottery and wants their house back. You know it’s going to happen to someone in CA someday.I’m guessing all monies would have to retrace, no harm / no foul. The new buyers would just have to happy to get their money back?[/quote]
    That would be true in a mortgage repo or a judicial foreclosure.
    However, California went to trust deeds and non-judicial about 30 years ago.
    There is no right of redemption for most California repos.

    September 22, 2009 at 9:46 PM #460588
    urbanrealtor
    Participant

    [quote=threadkiller]Somebody or entity somewhere owns these houses. Ownership can’t change without a paper trail, that’s to protect against fraud. The right of redemption however I’m less clear on. What if someone gets foreclosed on and then before a year is up wins the lottery and wants their house back. You know it’s going to happen to someone in CA someday.I’m guessing all monies would have to retrace, no harm / no foul. The new buyers would just have to happy to get their money back?[/quote]
    That would be true in a mortgage repo or a judicial foreclosure.
    However, California went to trust deeds and non-judicial about 30 years ago.
    There is no right of redemption for most California repos.

    September 22, 2009 at 9:46 PM #460392
    urbanrealtor
    Participant

    dupe

    September 22, 2009 at 9:46 PM #460925
    urbanrealtor
    Participant

    dupe

    September 22, 2009 at 9:46 PM #460583
    urbanrealtor
    Participant

    dupe

    September 22, 2009 at 9:46 PM #460997
    urbanrealtor
    Participant

    dupe

    September 22, 2009 at 9:46 PM #461199
    urbanrealtor
    Participant

    dupe

    September 23, 2009 at 12:07 AM #461264
    patb
    Participant

    tanta says this would be a real big problem in that
    it will make future sales almost impossible.

    between clouded titles, and a real hassle in trying to
    get papers to closing, this will not be a good thing either.

    September 23, 2009 at 12:07 AM #461062
    patb
    Participant

    tanta says this would be a real big problem in that
    it will make future sales almost impossible.

    between clouded titles, and a real hassle in trying to
    get papers to closing, this will not be a good thing either.

    September 23, 2009 at 12:07 AM #460989
    patb
    Participant

    tanta says this would be a real big problem in that
    it will make future sales almost impossible.

    between clouded titles, and a real hassle in trying to
    get papers to closing, this will not be a good thing either.

    September 23, 2009 at 12:07 AM #460648
    patb
    Participant

    tanta says this would be a real big problem in that
    it will make future sales almost impossible.

    between clouded titles, and a real hassle in trying to
    get papers to closing, this will not be a good thing either.

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