All Forum Posts by: Jon S.

Okay, here's the last question.

It appears the previous owner is deceased. My concern is that I need to pay the 1st off rather quickly (before the sale), but would be exposed to a loss if through some technicality or BK on the same day as the sale, the sale was un-done. I understand I'd get my money back that I bid on the 2nd, but not the money I spent to pay off the first (considerably more).

What are my risks as far as having the sale un-done and how long will it take before I can be sure it will not be undone. If I contact the trustee of the first and let them know I am the new owner, will they postpone the auction so I can have more time before paying off the first? I will call them on mon and check into it, just wondering if anyone here has more info.

Thanks for the replies.

The property is in CA, and there is no HOA on the property (so no HOA liens). I searched the county recorders site and did not find any liens (other than the 1st, 2nd and an original 1st that had been reconveyed) There is still a good amount of equity in the property after paying the first and second.

Where else should I search for liens? a title company?

Would I contact the trustee for the first to get the pay off info? Or talk to chase since the loan is through them? I'm just trying to get some info on the actual process of paying the first off.

As for the overage, what if I did not pay the first off, and it went to auction and sold for more than the balance on the first (almost guaranteed). Would I get that overage, or the original borrower?

I just bought a second at a ts in CA (it was a 2nd mortgage, not a HOA lien) The property has equity.

The first is scheduled to sell in a week. So I need to pay it off asap to keep it from selling.

How do I go about doing this? Lender is chase. Do I just call them up with the property address and ask for the payoff amount and go into a branch and write them a check? Is there anything else I need to do? - do I need to let them know I am the winner of the ts on the second (if so who would I even talk to?)

Then when I record the trustees deed the title should be clear? Are there any downsides to paying the first off before recording the trustees deed? (I don't really have a choice here due to time). I.E. if the second is un-done somehow and I have already paid off the first.

OR -
Since after winning the second I am now the owner of the property (and it has equity), if I allow it to simply go to auction and the bid is higher than the first, will I get the overpayment (or will the original borrower?) To do this I would simply record the trustees deed?

In the future if I buy a second is there anything else I need to look out for? Simply getting a preliminary title report showing only a 1st and 2nd with no additional liens (along with a NTS for the first showing the published bid) and checking for back property taxes?

Thanks!