Foreclosure lesson learned

[Chris Seveney]

Lesson learned for note investors - found out today I have to redo a foreclosure. Why?

Buried at the end of the deed of trust was a clause that stated a foreclosure must be published 5x which was very unique as the state law where this occurred is 2x but the attorney noted they always publish 4x just to be safe.

Well not safe enough. So now we need to publish the sale again and go through the sale again.

Fortunately this was a property I am holding on to and will again win the bid as payoff is 2x the value but the value has increased 25% since sale so it is tempting…

But lesson learned check your deed of trust as well as I always relied on attorney.

Note: attorney is not charging me for this as it was their error.

[Chris Seveney]

@Andy Mirza

The attorney was apologetic and for me I agree with you- I did not berate or beat them up - mistakes happen and just work through them as this attorney is really good

I agree as well - manage vendors to do their job - when you find the good ones they do make our jobs much easier