Problems with buying REO property

[The OC Scam]

Recently I purchased an REO home here is North Orange County 250k below the 2006 selling price. I signed the loan documents deposited my funds into escrow last month in January 2008 and the next thing to happen before my lender funds the remaining loan balance was the turnover of the TITLE DEED.
After three weeks of waiting for the deed … I decided to hire a good lawyer friend of mine that specializes in Real Estate Law lucky for me to see what the hell is going on since my agent was getting the run around!!
My lawyer discovered today that the Bank acting as the primary deed holder is in fact had a repurchase agreement with the holder of the second loan note a second bank undisclosed to us the buyers. The day we sign the loan docs the repurchase agreement expired.
This third party interest has become a breach of contract and a serious issue to the resolution of my transaction. Apparently the Second bank is now holding the Title Deed doesn’t want to work with us. The first bank wants the Title deed back and doesn’t want us to buy from the second bank.
We have given both banks to deliver the deed within 7 days otherwise… Should the deed not be deposited we will file a complaint for breach of contract, specific performance with other causes of action along with a lis pendens which would impact title for the duration of the litigation basically freezing the property and not allow them to do anything until we settle the case.
On a practical note I do not understand why a bank would want a REO in this market when you have a qualified buyer at FMV.

[SD Realtor]

OC Scam please keep us updated on this case. I am VERY interested in this as I have now done a couple of REOs and they all went very smooth. Can you explain the details a little bit more to me about the repurchase agreement between the two banks?

I guess I am puzzled that when the property went to the trustee sale, how the trustee sale occurred without the deed actually going to the first bank… So when you look on the tax roll for the actual home, I take it the name of the first bank is on the tax roll as the holder of title even though this other bank really has it.

Wow… really interesting stuff…

[The OC Scam]

SD R
Right now we don’t know all the details of the repurchase agreement. What we do know is that after the trustee sale the First Bank with the larger note around 80% of the purchase price in 2006 did buy it back and the deed did go to them …however they arranged the repurchase agreement that would happen after a January 15th with the Second bank automatically holding the smaller note in a mutual agreement after the trustee sale. It appears that those involved at the asset management and the First bank forgot about this date of expiration and our loan docs now sit in limbo…
The second bank as part of this agreement was signed over as beneficiary of deed or something like that?
This has been the most amazing part of our situation as you know we moved into this home as renters and now we got all the way to the end ……and now two banks are at odds with our purchase agreement caught in the middle…..I’m really in disbelief

But hey I’m still not paying anything at the end of the month…so it isn’t that bad!! lol

[cr]

OC – does this happen to be the house you were living in a year ago when you first started posting here, and to be blunt, bragged about living in < a href='http://piggington.com/new_oc_housing_market_scam_for_rentals'>“rent free”? I think there is an older post where you went into more detail about not paying your rent, but I couldn’t find it.

[The OC Scam]

Well I wouldn’t say bragging is the right word maybe celebratory would be better however I was paying my rent into a bank account regarding those details you mention..but Yes it is that one

[The OC Scam]

Well I wouldn’t say bragging is the right word maybe celebratory would be better however I was paying my rent into a bank account regarding those details you mention..but Yes it is that one

[The OC Scam]

Well I wouldn’t say bragging is the right word maybe celebratory would be better however I was paying my rent into a bank account regarding those details you mention..but Yes it is that one

[The OC Scam]

Well I wouldn’t say bragging is the right word maybe celebratory would be better however I was paying my rent into a bank account regarding those details you mention..but Yes it is that one

[The OC Scam]

Well I wouldn’t say bragging is the right word maybe celebratory would be better however I was paying my rent into a bank account regarding those details you mention..but Yes it is that one

[cr]

OC – does this happen to be the house you were living in a year ago when you first started posting here, and to be blunt, bragged about living in < a href='http://piggington.com/new_oc_housing_market_scam_for_rentals'>“rent free”? I think there is an older post where you went into more detail about not paying your rent, but I couldn’t find it.

[cr]

OC – does this happen to be the house you were living in a year ago when you first started posting here, and to be blunt, bragged about living in < a href='http://piggington.com/new_oc_housing_market_scam_for_rentals'>“rent free”? I think there is an older post where you went into more detail about not paying your rent, but I couldn’t find it.

[cr]

OC – does this happen to be the house you were living in a year ago when you first started posting here, and to be blunt, bragged about living in < a href='http://piggington.com/new_oc_housing_market_scam_for_rentals'>“rent free”? I think there is an older post where you went into more detail about not paying your rent, but I couldn’t find it.

[cr]

OC – does this happen to be the house you were living in a year ago when you first started posting here, and to be blunt, bragged about living in < a href='http://piggington.com/new_oc_housing_market_scam_for_rentals'>“rent free”? I think there is an older post where you went into more detail about not paying your rent, but I couldn’t find it.

[The OC Scam]

SD R
Right now we don’t know all the details of the repurchase agreement. What we do know is that after the trustee sale the First Bank with the larger note around 80% of the purchase price in 2006 did buy it back and the deed did go to them …however they arranged the repurchase agreement that would happen after a January 15th with the Second bank automatically holding the smaller note in a mutual agreement after the trustee sale. It appears that those involved at the asset management and the First bank forgot about this date of expiration and our loan docs now sit in limbo…
The second bank as part of this agreement was signed over as beneficiary of deed or something like that?
This has been the most amazing part of our situation as you know we moved into this home as renters and now we got all the way to the end ……and now two banks are at odds with our purchase agreement caught in the middle…..I’m really in disbelief

But hey I’m still not paying anything at the end of the month…so it isn’t that bad!! lol

[The OC Scam]

SD R
Right now we don’t know all the details of the repurchase agreement. What we do know is that after the trustee sale the First Bank with the larger note around 80% of the purchase price in 2006 did buy it back and the deed did go to them …however they arranged the repurchase agreement that would happen after a January 15th with the Second bank automatically holding the smaller note in a mutual agreement after the trustee sale. It appears that those involved at the asset management and the First bank forgot about this date of expiration and our loan docs now sit in limbo…
The second bank as part of this agreement was signed over as beneficiary of deed or something like that?
This has been the most amazing part of our situation as you know we moved into this home as renters and now we got all the way to the end ……and now two banks are at odds with our purchase agreement caught in the middle…..I’m really in disbelief

But hey I’m still not paying anything at the end of the month…so it isn’t that bad!! lol

[The OC Scam]

SD R
Right now we don’t know all the details of the repurchase agreement. What we do know is that after the trustee sale the First Bank with the larger note around 80% of the purchase price in 2006 did buy it back and the deed did go to them …however they arranged the repurchase agreement that would happen after a January 15th with the Second bank automatically holding the smaller note in a mutual agreement after the trustee sale. It appears that those involved at the asset management and the First bank forgot about this date of expiration and our loan docs now sit in limbo…
The second bank as part of this agreement was signed over as beneficiary of deed or something like that?
This has been the most amazing part of our situation as you know we moved into this home as renters and now we got all the way to the end ……and now two banks are at odds with our purchase agreement caught in the middle…..I’m really in disbelief

But hey I’m still not paying anything at the end of the month…so it isn’t that bad!! lol

[The OC Scam]

SD R
Right now we don’t know all the details of the repurchase agreement. What we do know is that after the trustee sale the First Bank with the larger note around 80% of the purchase price in 2006 did buy it back and the deed did go to them …however they arranged the repurchase agreement that would happen after a January 15th with the Second bank automatically holding the smaller note in a mutual agreement after the trustee sale. It appears that those involved at the asset management and the First bank forgot about this date of expiration and our loan docs now sit in limbo…
The second bank as part of this agreement was signed over as beneficiary of deed or something like that?
This has been the most amazing part of our situation as you know we moved into this home as renters and now we got all the way to the end ……and now two banks are at odds with our purchase agreement caught in the middle…..I’m really in disbelief

But hey I’m still not paying anything at the end of the month…so it isn’t that bad!! lol

[SD Realtor]

OC Scam please keep us updated on this case. I am VERY interested in this as I have now done a couple of REOs and they all went very smooth. Can you explain the details a little bit more to me about the repurchase agreement between the two banks?

I guess I am puzzled that when the property went to the trustee sale, how the trustee sale occurred without the deed actually going to the first bank… So when you look on the tax roll for the actual home, I take it the name of the first bank is on the tax roll as the holder of title even though this other bank really has it.

Wow… really interesting stuff…

[SD Realtor]

OC Scam please keep us updated on this case. I am VERY interested in this as I have now done a couple of REOs and they all went very smooth. Can you explain the details a little bit more to me about the repurchase agreement between the two banks?

I guess I am puzzled that when the property went to the trustee sale, how the trustee sale occurred without the deed actually going to the first bank… So when you look on the tax roll for the actual home, I take it the name of the first bank is on the tax roll as the holder of title even though this other bank really has it.

Wow… really interesting stuff…

[SD Realtor]

OC Scam please keep us updated on this case. I am VERY interested in this as I have now done a couple of REOs and they all went very smooth. Can you explain the details a little bit more to me about the repurchase agreement between the two banks?

I guess I am puzzled that when the property went to the trustee sale, how the trustee sale occurred without the deed actually going to the first bank… So when you look on the tax roll for the actual home, I take it the name of the first bank is on the tax roll as the holder of title even though this other bank really has it.

Wow… really interesting stuff…

[SD Realtor]

OC Scam please keep us updated on this case. I am VERY interested in this as I have now done a couple of REOs and they all went very smooth. Can you explain the details a little bit more to me about the repurchase agreement between the two banks?

I guess I am puzzled that when the property went to the trustee sale, how the trustee sale occurred without the deed actually going to the first bank… So when you look on the tax roll for the actual home, I take it the name of the first bank is on the tax roll as the holder of title even though this other bank really has it.

Wow… really interesting stuff…

[Author]

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