Ask Experts Questions for FREE Help !
Ask
    Miker70's Avatar
    Miker70 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 19, 2008, 05:31 PM
    Deed in Lieu of Foreclosure
    I have a situation which to the best of my knowledge is quite a head spinner. There is a 1st Trust Deed on a property who has currently filed a Notice of Default. There is also a 2nd Trust Deed which was taken out 12 months ago. At the time of signing the paperwork for the 2nd Trust Deed the homeowner also signed a deed in lieu of foreclosure against that 2nd trust deed. The owner of the 2nd is filing an eviction and calling the deed in lieu of foreclosure. My question is (A) There is still a 1st TD to be satisfied. (B) is this process even legal. If the holder of the 2nd TD gets the property, who would be responsible for bringing the 1st TD up to date and to continue to pay for that. Please let me know if anyone has the answer...
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
    Expert
    		  
    #2

    Feb 19, 2008, 06:09 PM
    This one IS a head spinner. My best guess based on the info you've provided is that the 2nd TD gets the property from the homeowner, but the property is still subject to the terms of the 1st TD. And since the 1st TD has already declared a default they can proceed with a foreclosure at any time against both the homeowner and the 2nd TD.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Deed in lieu of foreclosure [ 1 Answers ]

I have 2 rental properties in Arizona that are vacant, and a undeveloped piece of commercial land. Can I do a deed in lieu of on all 3 of these properties, since none of them have sold in the last year, or is a foreclosure a better way to go?

Deed in lieu of foreclosure [ 1 Answers ]

We have purchased a home here in Louisiana approx 4 years ago. The home is only 6 years old and has flooded 4 times. These are not only floods with hurricanes but average Louisiana rains. We have drainage issues in the neighborhood that no-one will correct. We have hired attorneys to go after...

Is deed in lieu of foreclosure my only way out [ 1 Answers ]

I was going through nasty divorced when asked by friend if I could help out his house Was being foreclosed on.Agent for bank contacted me who I knew I told him I did not Want to do this. He invited me to restaurant where after few drinks I was handed papers To sign.I told him I did not want to...

View more questions Search