Hi Everyone, forgive if this isn't the proper forum to post this question - I'm in deep learning mode here. I'm looking for my first investment property and found a "Trustee's Notice of Sale," which mentions the Trustee and Beneficiary agreed to sell. The listing also mentions a total $$ amount to reinstate - which I'd be interested in doing....(I imagine this requires getting the beneficiary to agree to let me take over that loan??) The listing also says the following:
"Because of interest, late charges, and other charges that may vary from day-to-day, the amount due on the day you pay may be greater. It will be necessary for you to contact the Trustee before the time you tender reinstatement or the payoff amount so that you may be advised of the exact amount you will be required to pay."
Is this a notice to someone in default? The notice goes on to mention a sale on the courthouse step. My question is, am I likely to be able to do anything with this before it goes to auction/sale? Does it make sense to contact the trustee or try to find the "beneficiary?"
I searched around the forums first trying to find some information, so if another post or thread goes into this please forgive me and point me in that direction.
Thanks a TON for even reading this, can't wait to hear your thoughts.
This has nothing to do with probate, it is a foreclosure proceeding. Paying the reinstatement amount would buy the borrower some time, but the lender isn't going to let someone "take over the loan". First question, is there any equity?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing