subject to with out trust - Posted by alex

Posted by Ronald * Starr(in No CA) on July 29, 2003 at 20:03:03:

Alex–(CA)--------------

The minimum time for a trustee’s sale foreclosure on a loan in CA is about three months and three weeks. Typical time is maybe six weeks more than that.

Figure about a month between the servicer or lender contacting you and starting nthe foreclosure. Then whatever time it takes between your acquisition and their discovering the transfer?

So, I’d be moderately comfortable that six months will work. However, I’d sure make sure that I were out of the property in the six months. And sooner, if possible.

You might start a new checking acound in your seller’s name and your name, with you authorized to write checks. Then you have the seller sign a dozen or so checks. You fill out the mortgage amount and the date and mail off each month. That should delay the discovery for a while.

Depending upon circumstances, there re other ways to handle taking control of properties in such a situation, such as opitions, being a junior lender and foreclosing, etc.

Good InvestingRonald Starr***

subject to with out trust - Posted by alex

Posted by alex on July 29, 2003 at 14:18:07:

can anyone tell me what kind of time frame there would be from the time i purchased a property in the name of my corp without using a trust and a lender actually foreclosing on the property?

Re: subject to with out trust - Posted by JohnBoy

Posted by JohnBoy on July 29, 2003 at 14:47:26:

Depends!

Depends on how long a foreclosure can take in your state. In my state it can take a minimum of 9 - 12 months and that is if you don’t even contest the foreclosure. Longer if you do contest it.

Depends on whether the lender even finds out about it or not.

Depends on whether the lender would even follow through with foreclosing even if they did find out.

Even if they did find out, and if the payments are current and being made on time, then is unlikely they would foreclose. Foreclosing cost banks money! They don’t like to turn good paying loans into to bad non paying loans by foreclosing on them.

So it all depends on the bank, whether the payments are current and being made on time, whether they even find out or not, whether they would actually follow through with foreclosing or not, and how long it takes to foreclose in the state you live in.

Re: subject to with out trust - Posted by alex

Posted by alex on July 29, 2003 at 15:03:01:

johnboy thanks for the reply!i’m in california and i am working on my first deal.i’ve studied for a few years but never made the leap.i’m looking at getting in and out with in 6mo not much to worry about?