Example of Assignment of a Note... - Posted by Stew(NE)

Posted by Stew(NE) on June 17, 2000 at 24:02:37:

FMV 125 (Low Side)
First is 72K total (This is what the trustee says they will take)
Second is 51K. It has already been purchased at a discount by a private investor who will sell for 33K.
Third is 24K and relatively old.

I have talked to the trustee of the sale and the first will be at the sale along with me. Please let me know if any of the following is wishful thinking

This is what I see that can happen

  1. The first starts the bidding at 72K, since I have purchase the second at a discount, should I up the bid to 72K+33K at least and 72K+51K at most. (By the way I wouldn’t mine owning the property, I have long term financing lined up. Also the trustee(lawyer), says the first will give me time to get financing if I am the winner.(I probably can’t get this writing, any ideas to help me protect myself, since I have the 33K but not the 72K without financing)

  2. If the third or anyone bids it up (I doubt if they will be there) over the 72K+51K, won’t they have to satisfy the first and the second immediately at foreclosure? In which case I could make the spread of 51K - 33K.

  3. If I take the bid up to 72K + 51K and win, don’t I just have to find financing for the first and surrender my note to who, Me. I don’t have to get the full 72K + 51K on the house unless I want to, right? I really only need to get a 1st mortgage for 72K + 33K.

  4. The owner is out of state, but that bankruptcy thing still bothers me. They have to file bankruptcy before the foreclosure in order for it to affect me.

  5. I have a friend in a title office that I kept her dog while she was on vacation, it may be time to call in that favor. Hee-Hee.

Thanks in advance

Example of Assignment of a Note… - Posted by Stew(NE)

Posted by Stew(NE) on June 16, 2000 at 22:41:32:

Does anyone have an example of a form where someone reassigns there interest in the note to you for the consideration of a sum of money. I need to write a purchase offer to someonw who has a 2nd Position Note. I attend to let it go to foreclosure, since there is a 3rd. Any advice would be great. Thanks in advance

Re: Example of Assignment of a Note… - Posted by David Alexander

Posted by David Alexander on June 16, 2000 at 22:49:28:

You intend to let a second you own go into foreclosure because there is a 3rd.

Whoa, stop the presses Batman! Explain, is there enough equity above your second that they will reinstate? Can you not buy out the first? What are the numbers and where are you located?

What if the first finishes foreclosing and wipes both you and the third out?

David Alexander