getting judgment from 1st TD - Posted by JD

Posted by JD on February 11, 2002 at 20:39:19:

Trust Deed. Public Trustee.

getting judgment from 1st TD - Posted by JD

Posted by JD on February 10, 2002 at 21:54:55:

Acutal situation:
Eddie Edwards owns a rental condo (in CO) which is being foreclosed upon by the 2nd TD holder. The Condo is worth 180k. The 2nd TD holder bids 100k (a large deficiency). The 1st balance is 50k. Ordinarily I won’t give these numbers much attention, but I know that Eddie Edwards owns a 450k house with 200k in equity in it (and possibly another rental house). What if Corporation A buys the 2nd TD (and subsequently gets a PT Deed), and then Corporation B buys the 1st TD. Then Corporation B obtains a judgment for the 50k from the Note on the 1st. Then Corporation B releases the 1st Trust Deed from the condo. Then Corporation B tries to collect the 50k directly from Eddie Edwards (presumably though a Levy and Sheriff’s sale action on his 450k residence). Of course there are risks that Eddie Edwards will Deed or encumber his property away prior to my obtaining a judgment. But, are there any legal reasons why I couldn’t do this?

Re: getting judgment from 1st TD - Posted by JM

Posted by JM on February 11, 2002 at 10:47:27:

I don’t like to type either, but I have trouble reading posts like this with all of the abbreviations. What is a “TD” and what is a “PT Deed”??? Please explain for rookies like me. Thanks.