stepping_up_IHB
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OMG!!!!
Calculated Risk does a for sale, for lease video in Newport Beach
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freedomCM_IHB
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so in this instance, is the original first wiped out, as a second normally would be if the first went to auction?
graphrix_IHB
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[quote author="freedomCM" date=1242285923]so in this instance, is the original first wiped out, as a second normally would be if the first went to auction?</blockquote>
Technically... yes, that is what has happened. I don't know what legal recourse the original first has, but a little birdie told me they are pretty much SOL.
Technically... yes, that is what has happened. I don't know what legal recourse the original first has, but a little birdie told me they are pretty much SOL.
OC Zed_IHB
New member
[quote author="graphrix" date=1242279248][quote author="wardp" date=1242260326]I didn't see the Beryl house on fidelityasap.com. Does anyone know when it sold or if there was any "story" with the house? That does seem EXTREMELY cheap.</blockquote>
That's because it was at the Placentia auction, not Santa Ana. <a href="http://www.priorityposting.com/">Placentia info can found here</a>. See below for story on the house.
[quote author="stepping_up" date=1242261086]nevermind, I see that they call it a preview. It would be nice to see them all just to know the quantity not necessarily the specific address.
how come when you search a zip on FR using the free function there are only a fraction of the number of balls as Graph gets? I put in 92625 and only about 20 come up.</blockquote>
Even if you had a FR account you wouldn't have seen the one on Beryl. I don't know why, but for some reason none of the foreclosure websites have all the foreclosures. I also found two in NC that are not showing up on FR, but they are certainly showing active and scheduled for the auction this month. FR is the best, but unfortunately it is not perfect.
After doing some research on the Beryl property, it was indeed the second lien that someone bid on. Normally, that would be nutty, because you are in second position, and you have no way of taking over the first or guarantee that they will even default first. <strong>Here is the rub, the second lien they took out six months after the first was never subordinated behind the first, so technically the second lien is in first position and technically the first is now the second and screwed. </strong>I would imagine they might have a legal fight ahead of them, but since the second lien was never properly put into second position, then they should have the house. Oops, that escrow/title company really screwed up, and so did the lender. Oh well, that's what you get when you have a industry run by a bunch of schleps who should never have been in the business in the first place.</blockquote>
This can't be accurate. If the first DOT was properly recorded then it will always have priority over the second DOT unless it was expressly subordinated pursuant to a recorded subordination agreement (which would never happen in this kind of deal). The only possible case here is that the title company for the second DOT did not pick up the first lien for whatever reason and the current second lien holder would have a claim to collect on the title policy. Even that, however, might be a big uphill battle if the current second lien holder bought the lien with actual notice of the first lien.
That's because it was at the Placentia auction, not Santa Ana. <a href="http://www.priorityposting.com/">Placentia info can found here</a>. See below for story on the house.
[quote author="stepping_up" date=1242261086]nevermind, I see that they call it a preview. It would be nice to see them all just to know the quantity not necessarily the specific address.
how come when you search a zip on FR using the free function there are only a fraction of the number of balls as Graph gets? I put in 92625 and only about 20 come up.</blockquote>
Even if you had a FR account you wouldn't have seen the one on Beryl. I don't know why, but for some reason none of the foreclosure websites have all the foreclosures. I also found two in NC that are not showing up on FR, but they are certainly showing active and scheduled for the auction this month. FR is the best, but unfortunately it is not perfect.
After doing some research on the Beryl property, it was indeed the second lien that someone bid on. Normally, that would be nutty, because you are in second position, and you have no way of taking over the first or guarantee that they will even default first. <strong>Here is the rub, the second lien they took out six months after the first was never subordinated behind the first, so technically the second lien is in first position and technically the first is now the second and screwed. </strong>I would imagine they might have a legal fight ahead of them, but since the second lien was never properly put into second position, then they should have the house. Oops, that escrow/title company really screwed up, and so did the lender. Oh well, that's what you get when you have a industry run by a bunch of schleps who should never have been in the business in the first place.</blockquote>
This can't be accurate. If the first DOT was properly recorded then it will always have priority over the second DOT unless it was expressly subordinated pursuant to a recorded subordination agreement (which would never happen in this kind of deal). The only possible case here is that the title company for the second DOT did not pick up the first lien for whatever reason and the current second lien holder would have a claim to collect on the title policy. Even that, however, might be a big uphill battle if the current second lien holder bought the lien with actual notice of the first lien.
graphrix_IHB
New member
Another little birdie told me I may be incorrect. Regardless of the subordination agreement, it is first in first out. I am in the process of clarification currently, and I will update here as I get a response back. IMO, I still think the 1st would have to go after the 2nd for not getting a subordination agreement, but that may not be true in the eyes of a judge.
Geotpf_IHB
New member
I smell a profit here...for some lawyers.