All Forum Posts by: Ti Hon

here is the property i'm looking at in HB, CA (not certain if I can post the FC property address in here)

I looked up the property  profile .. there are 4 liens .. I believe the 3rd lien which belongs WAMU which was being foreclosed .. there are 2 senior liens (130k (1st recorded in 1995) and a 38k (2nd recorded in 1997)) and this 3rd lien of 250k which was foreclosed and the winning bidder of 310k.

I would assume that the 2 senior liens most likely are much less that of the recorded amount if not paid off yet since they were recorded over 25 years ago.

this condo is worth about 650k.

I see a few of these instances and usually not much bidding action at trustee sale for the second lien compared to the first lien if it were being foreclosed thus I'm always hesitant to bid.

given the above scenario, would you bid at the price of the winning bidder ? would it be worth it the risks ? 

thank you all for the information .. much appreciated !

I actually bought a FC property through the new senate bill 1079 in CA few months ago .. and I do scour through stox posting and other sites for the upcoming fc properties .. and I see those junior liens being foreclosed but was uncertain how it would play out.

great information on this thread .. and I now much more comfortable given the information here  .. perhaps I would try to bid on a small junior lien and allow things play out and see what happen.

thanks for the insight Chris and Jay !

regards to the senior liens, for my own clarification, even though the borrower is still current, the senior lenders still be able to foreclose ?

I have dealt with banks on other issues before and it never seem to me that is an easy thing to do .. how difficult would it be to work with senior lenders to pay off while the current borrower still making payments ? .. my take would be since bank is getting their payments thus there is no incentive for them to either sell the note or foreclose the property.

let's assume now I pay off all the senior lenders .. I now own the senior notes .. for my own clarification, even though the borrower is still current, I would still be able to foreclose on the property ? 

I see some of the junior liens being auctioned at trustee sale in CA are not much .. some in the 20k - 30k range .. and CLTV is also quite low, less than 60% .. what would be my risks ?

 you state "subject to the first" .. let's say if I'm the winning bidder (in CA) on the second .. and the borrower is still current with the first.

my question is how would I be able to "own the property".

would I call the first offering to buy the note ? .. would the first lienholder be willing to sell while the borrower is still making regular payments ? 

I have seen quite a few properties here in CA which is non judicial state in which the second mortgage of very little value is being foreclosed. However, the first mortgage with very low LTV is still current.

What happen under this scenario if I decide to bid for the second at trustee sale.

For example, house worth 700k.

1st mortgage - 350k

2nd mortgage 200k.

thanks Joe !

Are there any sample unlawful detainer form for a 90 days notice to quit (Orange County - CA).  Much appreciated !

greatly appreciate your help !

do you have any particular FB group that you would recommend ? 

Could anyone recommend any companies or servicers that I could contact to buy NP notes in CA.

Anyone who knows of an attorney who specializes in EB5 .. pls let me know.

much appreciated !!!