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Originally Posted by Notorial dissent
Fossil Rock
I guess my first question is how did you end up in third place on this in the first place, at the very least, you should have been second. The fact that there is a second ahead of you is worrisome.
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The buyers got an 80/20 or 90/10 financing which is 100% financing. Each side of the / is a separate mortgage thus 1st/2nd. Mine was drawn up at the same time and was immediately the 3rd.
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Originally Posted by Notorial dissent
Second question, is what is the relative value of the property as opposed to the notes out on it?
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I would have to say that the value to loan ratio is equal or less. The real-estate market is going down and since they got 100% financing, the property is probably worth less than the note.
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Originally Posted by Notorial dissent
The lis pendens is a notification of impending legal action, in this case foreclosure, that being the case, there should be documents on file at the local court, and I would go there and get copies ASAP.
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I already have a copy of the lis pendens, but there are no other documents in the public records.
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Originally Posted by Notorial dissent
If it goes to foreclosure, the two notes ahead of yours are going to prevail, the first getting coverage of their note, and then the second hopefully getting their bite, with you last. The problem being that if there are no bids, the first holder will bid in enough to get the property and the remaining two will be left hanging.
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Understood, thus my reason for posting here.
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Originally Posted by Notorial dissent
Depending on how your mortgage is written, I would suspect you will have to file against him as well in order to even get priority. Lis pendens is ONLY a notice, and is legally meaningless as far as the foreclosure is concerned.
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Ok, I could file, but I'm not sure of the costs involved especially if I need to get an attorney involved. It may end up costing more than I'm owed, it then becomes a lose-lose situation for me.
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Originally Posted by Notorial dissent
Appointing the attorney fiduciary is useless to begin with, legally meaningless, and could actually be illegal. In any event, they cannot act for you and their client since your interests are appositional.
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This was just a tactic I read online, wasn't sure how it worked or if it did at all.
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Originally Posted by Notorial dissent
Why is the buyer in the condition he is?
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Honestly, I believe it's because our borders have been opened up (or at least not sufficiently closed) to illegal immigration and his industry has taken a hard hit because of it. I speak to him at least twice a month and am concerned for him and his family.
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Originally Posted by Notorial dissent
I’m not sure why you didn’t receive notice of the suit, but it may be that since you are not bringing it, and are not actually a party to the suit they didn’t notify you to keep you from filing as a lien holder. Not knowing the foreclosure statutes of your state I can only guess.
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Would a summons be filed in the public records or do I have to hunt for it somehow?
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Originally Posted by Notorial dissent
Do check the documents at the courthouse and do it as quick as possible.
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I will be Monday as soon as the office opens.
Another thing I've read is that I can file a UCC-1 with my investment listed. I don't know anything about UCC-1 yet, but my understanding is they would definitely have to pay that off ... right or wrong .. ??