All Forum Posts by: Morgan Chan

From what you wrote, @Morgan Chan, it looks like the lender’s credit bid was $300K. Thus, the lender got the property back at that price. Your bid would have to exceed $300K.

To be an “Eligible Tenant Buyer” you must occupy the property as your primary residence at the time of the sale, with a proper lease dated before the NOD was recorded, and you cannot be a member of the borrower's family. There are lots more rules and the process is very technical and unyielding.

Consider AB-175 which clarified SB-1079 and significantly tightened it.

Call the trustee that represents the lender and ask them what they require. If they can’t or won’t help, you will have to call a lawyer to help you through the process.

Based on what you wrote, if you purchase the lien from evergreen, you will be in first position. CTBC debt is only wiped out in a foreclosure where the proceeds do not cover their loan amount, that loan is still valid. 

For property taxes, they can foreclose on the property as well and the taxes would be superior to any and all mortgages. 

I have also been involved in litigation on subordination agreements where they are disputed. I would recommend their be title policy involved as thankfully mine had a title policy and the cost to litigate is well into the six figures.