Hello I recently purchased a property at a Los Angeles county trustee sale via the 2nd lien foreclosing. Title has been perfected and 3 / 90 notice has been served to the current owner.
I am in contact with the senior lender trustee and I have received the payoff details for the remaining loan. Ideally, cash for keys or eviction process would go relatively quickly and I could just payoff the senior lien via escrow when I finance the property considering the foreclosure file is currently on hold and when they reinstate it, they would provide notice of sale.
My question is- given these circumstances and the unknown implications of an eviction moratorium extension and/or drawn out process, should I go ahead an reinstate/assume the senior loan since whatever I pay out of pocket would just be reducing what my lender pays off when I finance it? Other than having to assume the monthly payments, are there any downsides I'm not considering? Thanks!
How many days have owned the subject ?
Hi @Jo-Ann Lapin . I purchased at the trustee sale on June 2nd. Title was perfected on June 11.