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The reply by KDH is not exactly true. If the 2nd lien holder went to an auction and sold his lien -he got his money. The purchaser now holds title but the 1st lien still exists in the name of the original borrower even though that person no longer holds title to the property. If that 1st lien is not...
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I would contact your local courthouse with all your information. They will be able to tell you the details of the situation.
Best of luck!
http://www.trulia.com/profile/clairewills
Michael James Real Estate Co.
1211 EMBARCADERO, STE. 210 OAKLAND, CA 94606
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At the risk of sounding self serving, you have come to the right place here on RealtyTrac. To get started, sign up for a free 7-day trial to get full nationwide access to pre-foreclosure properties (short sale opportunities) and properties scheduled for public foreclosure auction. Below is a video outlining...
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The lease option agreement is for three years and once the three years is up I can buy the property back at 1% over prime.
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I imagine you are probably putting offers in on homes so I'll answer that accordingly. Typically when there are 2 loans on the property the banks can not agree on many things like how much of the 2nd lien get paid off. If the bank with the 1st lien does not want provide funds to the 2nd lien holder...
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Not all short sales take a long time. Are you currently trying to sell your home as a short sale or buying? When there are delays it's almost always the banks and disputes between the 1st lien holder and the 2nd lien holder.
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Also, here's a video on finding short sale bargains on ReatyTrac that might be helpful for you.
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Your frustration is heard, and shared by many. Your plan to survive this financial crisis going forward is in need of some additional options...which you may or may not know of. The key to surviving in this current economy is knowledge...knowing what is available to you, and how to plan for the road...
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The auctions are a waste of time nowadays. Banks are sending their attorneys, agents to buy the properties back for themselves. If the property does not get picked up by the bank itself or some savvy investor, it is a lemon.
Your best bet is to purchase an REO or a short sale that is on the market...
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Your best bet is looking up the address right here on RealtyTrac. If you cannot find it, look it up on Google and chances are that an agent has the listing and will be happy to show it to you (even if there is not a sign on the property).
Agents are your friends, they can shed light into a lot of...