What happens in California, where the property is sold in the administrator?
If a holder of first lien on a property and sold excludes trustee sale what happens if the amount of the sale is more than enough to cover the first lien and costs of foreclosure? Is that all Junior mortgages return? For example, the first lien – $ 200,000 second lien – $ 20,000 third privilege – Price $ 22,000,300,000 U.S. dollars
You make a very good question. From my experience in California, trustee sales, any amount received in the amount of tax withheld has been excluded, plus the former owner gives the property owner has lost ownership of foreclosure. In your example, the second and third lienholders lose interest in the property, unless they also have seized on the property. In the second practice third record holders lien notice of default. If the first is in default, documents are generally written that contains the recipients of any lien and the third block to the right second so even if the owner is aware of the payments on their loans. In addition, virtually all mortgage documents have established that the request loan due if the security interest is sold. If there are any items remaining after the sale by the trustee, which would be used to pay all or part any other lien on the property. However, the liquidator of the first loan can give the left over the proceeds of the sale the former owner of the property and the former owner can withdraw money and not pay the lien and the second third. This is one of many reasons the third lien holders and the second should be on guard and is also one of the reasons why the privileges of the second and third have interest rates much higher than the first. It happens.
San Diego Foreclosure Homes under $200K – News story
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