All Forum Posts by: Rami Latif

Hello,

A friend of mine asking how to deal with a property after foreclosure when the title search shows two current vested owner.
The first one undivided 98% interest and the second one is an undivided 2% interest as tenants in common. Do you get 100% ownership if you you are the highest bidder at the foreclosure sale?

Thank you all for your help. I have learned a lot from your comments. I got reinstatement from the first lender trustee company and I already paid a total $25000 to cure the default of the first lien. Now the foreclosure is cancelled.

My next step is to negotiate with the lender to see how to deal with almost $600000 of line. I'm hoping to carry out the same loan with the same low interest rate. It's really hard for me to refinance with high interest rate. I will end up paying more than $4000/month. 

I heard someone said that I can't sell because I can't get title insurance. Is that true? 

Here is an update. 

I got notice of trustee upon sale and I went to the county and I recorded the trustee sale. I sent a copy of it to the senior lien trustee and requested reinstatement to cure the default. I'm going to send cashier check of $28000 so the foreclosure for the senior lien would be canceled. Now I need to figure out how to deal with this loan.

Is it better to sell before they start new foreclosure process or just refinance it? 

 how about filing a motion for a temporary restraining order (TRO) and preliminary injunction to enjoin (stop) a foreclosure sale? 

Would it be worth it to look for other lenders to pay it off? With only 2 weeks left maybe it's hard to get new loan and pay it off. 

The property worth about 800,000

The first lien is 600,000 this total payoff

The second lien was 86,000 (this one I was the highest bidder) 

The deed just got recorded yesterday and I just found out that the first lien going for trustee sale this month Nov 27.

Im not investor I was just following California law SB 1079 as prospective owner occupant that I can bid after foreclosure which I did. 

I hope the first lender can will agree to refinance the loan and I will carry the loan and pay monthly. 

I was the highest bidder for second mortgage auction. What should I do with the first mortgage lender ( senior lien) that is going to foreclose at the  property next month. How can I stop the foreclosure sale? I don't have large money to pay off the that lien.