All Forum Posts by: M. Turner

FYI - I closed on this property last Wed. The property is now mine with the first lien in place. I HAVE talked to my attorney and we are starting the eviction process next week, IF the "cash for keys" doesn't work first.

Property will be listed on the site if anyone is interested.

If I had just bought the second position, then why am I given title to the property by the court? I guess this is what I need to verify before closing on the sale. Am I getting title (with a first lien attached) or am I just getting the right to the second position? Good thoughts ...

Thanks for all the info. The foreclosure bid only covers the second position, but I was aware of the first position before I bid. Ideally, I have obtained control of the property at a lower investment. I just want to know how much control I really have?

All I know at this point is that I have obtained title to the property from a second position foreclosure. The two notes were held by the same bank, which means they either made a mistake or were trying to obtain all their funds in one swipe? If they would have closed on the first position, I have a feeling that the second would have been written off. I am assuming that I am obtaining title with the first position still intact - which is fine - the property has plenty of equity to cover this if sold. Property is in SC and will probably be listed next week.

I recently bid (and won) a foreclosure auction in which the bank owns both the first and second positions on a property. For some reason, they decided to foreclose on the second position first - giving me the opportunity to obtain the property. Obviously, the first lien is still in position and would need to be satisfied when the property is sold. My question is this: When I close on this foreclosure next week (obtain the property from the court), the court will award me with the title to the property. How is this going to affect the ownership of the first lien? IF the bank decided to foreclose on their first position due to the original owner not paying on it - how does this affect me? Will I basically just own a second position to the property and get written off? Curious to the thoughts of anyone else that might have been in this situation...

Thanks in advance.