All Forum Posts by: Greg E

It is becoming prevalent for opening bids to be lower than the total owed. Lenders are lowering bids to more appropriately reflect the property value to facilitate foreclosure sale liquidations.

As Jon mentioned, you must perform a title search so you know exactly the lien position of the auction being held, delinquent taxes, IRS liens, etc.

First of all, you don't buy the mortgage at auction, you buy the property. If you purchase the property at the foreclosure sale of the second, you'll own it subject to the existing first and it is at the discretion of the first lienholder whether they will allow reinstatement and subsequent payments. They may accept payments or they could require you to formally assume the loan or they might accelerate based on a due on sale clause.

In today's environment you'd think most lenders would gladly accept your money and hopefully that will be the case.

The seller has no such right in CA.

The only remotely similar situation I can think of is that in some states judicial foreclosures have is a right of redemption period (typically one year) during which the foreclosed owner can redeem (repurchase) the property by reimbursing the purchaser in full.

A short sale just a straight sale between seller and buyer with the exception that the mortgagee must agree to taking less than payment in full.

Ryan gave you some good advice - particularly with establishing the lien position. You are in Sacramento, you can go down to the county recorders office downtown. Records from 1990's forward are on line. You'll need to learn how to do a title search to determine all outstanding liens. This is NOT information you can get on line unless you are paying for it through a title company... and even then will likely not indemnify you for a loss incurred from buying a property subject to a senior lien they missed.

Ditto what MikeOh said, except I hope he is wrong about the war killing a high percentage of the population... Though I have no delusion that TPTB won't resort to such drastic action to preserve their status.

Buy physical precious metals. Buy guns and bullets. Cash is king (though subject to debasement by our elected officials and central bank). Long term food storage is always a good idea along with a good water purifier. Avoid debt. Buy real estate for investment purposes only if it makes abundant sense without factoring in any appreciation. Assess what is truly important in your life, what you need not what you want. Standard of living in the US may very well be in line for an adjustment downward, be prepared.

Am I a pessimist? I'd say realist given our present circumstances. The **** has only begun to hit the fan, we've got a long way to go. And here is a little nugget of insight often attributed to Alexander Tytler but unsubstantiated:

A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship.

The average age of the world's greatest civilizations from the beginning of history has been about 200 years. During those 200 years, these nations always progressed through the following sequence:

* From bondage to spiritual faith;
* From spiritual faith to great courage;
* From courage to liberty;
* From liberty to abundance;
* From abundance to complacency;
* From complacency to apathy;
* From apathy to dependence;
* From dependence back into bondage.

Done Deal! http://theimbreport.com/

The bottom is not yet in sight. But if you can buy at 50 cents on the dollar go for it. Just be aware that a year from now that deal might represent 60 cents on the dollar....

A lender isn't going to be intimidated by a BK threat, they deal with BK loans all the time. As far as how long the bankruptcy will delay the foreclosure that depends .. If the borrower files a chapter 13 and actually makes payments the foreclosure may never take place. But more typically it is a stalling tactic that will buy the borrower 3-6 months depending on a number of factors.