All Forum Posts by: Sriv Nava

Quote from @Mike Dawson:

I found a foreclosure I'm interested in and just trying to strategize.  

The bank has the winning bid.  Is it a good idea to let the bank win the auction, and then try to negotiate with them?  Or, place an upset bid and win it myself?

I like that if the bank takes ownership, any title issues will be cleared up, but I also don't want to have to pay more for this property.  On the issue of title, a friend of mine who has being title work for 20 years has helped me research this property and he's seen nothing that would suggest I would have any issues, but did suggest a real estate attorney and title insurance regardless.  

Thanks for any help!  

Banks REO
Pros:
1. You get a clear title including the bank paying any past taxes and assessments.
2. You have a chance to check the house for cost of repairs

Cons:
1. The price Bank may list most likely will be more than your next upset bid amount.
2. You will have more competition than you purchasing from the FC sale

Quote from @Ravi Patel:

I was wondering if anyone knew the difference between that status meanings when looking at a sheriff sale. Specifically there is Active vs Active (P). Does the active (p) just mean that its pending and i shouldnt waste my time? Its a very specific question and I cannot seem to find the answer. http://ccweb.ccpa.net/Countysu... this is my countys sale list, postponed and cancelled i already avoid because they will not be auctioned off. Thank you to anyone who responds.

Sheriffs office 717-240-6390 (option 3) for RE sales.

Active (P) means in the process of being postponed.

Quote from @Travis Timmons:

If you find someone to give you a HELOC on investment properties, let us all know.

if you happen to have account in NC SE credit union :-)

https://www.ncsecu.org/Mortgag...

"Our home equity line of credit product is available for primary residences, second homes and rental properties, with no complicated rate buy-downs or discount points"

https://www.legis.state.pa.us/...

See page 7 section 205

Quote from @Darren Glahn:

Oregon

https://oregon.public.law/stat...

"The trustee shall apply the proceeds of the trustee’s sale as follows:

(1)

To the expenses of the sale, including the compensation of the trustee, and a reasonable charge by the attorney.

(2)

To the obligation secured by the trust deed.

(3)

To all persons having recorded liens subsequent to the interest of the trustee in the trust deed as their interests may appear in the order of their priority.

(4)

The surplus, if any, to the grantor of the trust deed or to the successor in interest of the grantor entitled to such surplus. [Formerly 86.765]

"

You stated "It looks like the bank started the foreclosure process for the HELOC, but was - assumedly - stopped by the CARES act"

Not sure what state you are in but in NC, if FC process has started and filed in the court, a special proceeding file will be created and will have the 45 day letter and 30 day letter filed along with notice of hearing. This tells the amount due. 

you will likely need an attorney's help.. 

post FC order of possession is handled differently than post tenancy rental situation. NC statute for post FC order of possession is below
https://www.ncleg.net/enactedl...

"§ 45-21.29. Orders for possession.

(a) through (j) Repealed by Session Laws 1993, c. 305, s. 18.

(k) Orders for possession of real property sold pursuant to this Article, in favor of the purchaser and against any party or parties in possession at the time of application therefor, may be issued by the clerk of the superior court of the county in which the property is sold if all of the following apply:

(1) The property has been sold in the exercise of the power of sale contained in any mortgage, deed of trust, leasehold mortgage, leasehold deed of trust, or a power of sale authorized by any other statutory provisions.

(2) Repealed by Session Laws 1993, c. 305, s. 18.

(2a) The provisions of this Article have been complied with.

(3) The sale has been consummated, and the purchase price has been paid.

(4) The purchaser has acquired title to and is entitled to possession of the real property sold.

(5) Ten days' notice has been given to the party or parties who remain in possession at the time application is made, or, in the case of residential property containing 15 or more rental units, 30 days' notice has been given to the party or parties who remain in possession at the time the application is made.

(5a) Repealed by Session Laws 2019-243, s. 26(c), effective November 6, 2019.

(6) Application is made by petition to the clerk by the mortgagee, the trustee, the purchaser of the property, or any authorized representative of the mortgagee, trustee, or purchaser of the property.

(l) An order for possession issued pursuant to G.S. 45-21.29(k) shall be directed to the sheriff and shall authorize the sheriff to remove all occupants and their personal property from the premises and to put the purchaser in possession, and shall be executed in accordance with the procedure for executing a writ or order for possession in a summary ejectment proceeding under G.S. 42-36.2. The purchaser shall have the same rights and remedies in connection with the execution of an order for possession and the disposition of personal property following execution as are provided to a landlord under North Carolina law, including Chapters 42 and 44A of the General Statutes.

(m) When the real property sold is situated in more than one county, the provisions of subsection (l) of this section shall be complied with in each county in which any part of the property is situated. (1949, c. 720, s. 1; 1951, c. 252, s. 3; 1965, c. 299; 1967, c. 979, s. 3; 1975, c. 492, ss. 7-9; 1987, c. 627, s. 3; 1993, c. 305, s. 18; 2007-353, s. 4; 2015-178, s. 2(a); 2019-53, s. 1; 2019-243, s. 26(c).)"

@Jim Stanley "Is there some sort of guide to understanding them? A quick Amazon book search turned up nothing"

See if this helps.. NC specific but may be applicable to CO as well.. 

https://www.northcarolina.ctt....

http://rowleylegal.com/real-estate/tax-deed-sales-in-idaho/



https://www.lawyers.com/legal-info/bankruptcy/foreclosures/idaho-foreclosure-process.html

"Redemption After the Foreclosure Sale

Some states allow the former homeowner to “redeem” the property after a foreclosure sale by reimbursing the new purchaser for the full price paid at the sale, plus fees and interest. In Idaho, the former owner cannot redeem the home after a nonjudicial foreclosure. (Idaho Code Ann. § 45-1508).

However, after a judicial foreclosure, the homeowner has six months to redeem a property that is 20 acres or fewer, and one year to redeem a property that is more than 20 acres"

In NC, I believe it goes into unclaimed property with state treasury 
https://www.nccash.com/

"§ 45-21.31. Disposition of proceeds of sale; payment of surplus to clerk

(b) Any surplus remaining after the application of the proceeds of the sale as set out
in subsection (a) shall be paid to the person or persons entitled thereto, if the person who
made the sale knows who is entitled thereto. Otherwise, the surplus shall be paid to the
clerk of the superior court of the county where the sale was had -
(1) In all cases when the owner of the property sold is dead and there is no
qualified and acting personal representative of his estate, and
(2) In all cases when he is unable to locate the persons entitled thereto, and
(3) In all cases when the mortgagee, trustee or vendor is, for any cause, in
doubt as to who is entitled to such surplus money, and
(4) In all cases when adverse claims thereto are asserted"