InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Texas Foreclosure - trustee's obligation Posted by John Merchant on June 20, 2003 at 10:57 AM In Reply to: Texas Foreclosure - trustee's obligation posted by Dan Shellist on June 14, 2003 at 10:03 AM : I am interested in bidding on a house that is being foreclosed on the 1st Tuesday in July. I have faxed my intention to the listed trustee asking two questions: 1. Is it his intention to bid in the property at the balance of the 1st mortgage? 2. How can I find him to be sure I have a chance to bid? I got a reply saying "We have no information on bidding. You must be at the George Allen Bldg accross from the red courthouse at 10am on foreclosure day." : That's all they will tell me. This trustee is part of a large company that handles hundreds of foreclosures each month for major mortgagees. : I fear that there will be dozens of trustees there and even more bidders. How can I find the right trustee without their cooperation? Do they not have an obligation to facilitate the process with interested bidders? I'd also like to know how to handle payment if I am the successful bidder. I can't bring $425,000 in cash to the steps of the courthouse. Where can I find out what the rules are and the best way to proceed. Thanks for any help you can give me. Trustee has fidudiciary duties to both borrower and lender, so most pro trustees are very cautious about saying much of anything that could favor ANY prospective bidder in any way. My advice would be to just get there early, maybe with a friend or two, so you can identify the right "huddle" and pick out the right trustee before the action starts. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I am interested in bidding on a house that is being foreclosed on the 1st Tuesday in July. I have faxed my intention to the listed trustee asking two questions: 1. Is it his intention to bid in the property at the balance of the 1st mortgage? 2. How can I find him to be sure I have a chance to bid? I got a reply saying "We have no information on bidding. You must be at the George Allen Bldg accross from the red courthouse at 10am on foreclosure day." : : That's all they will tell me. This trustee is part of a large company that handles hundreds of foreclosures each month for major mortgagees. : : I fear that there will be dozens of trustees there and even more bidders. How can I find the right trustee without their cooperation? Do they not have an obligation to facilitate the process with interested bidders? I'd also like to know how to handle payment if I am the successful bidder. I can't bring $425,000 in cash to the steps of the courthouse. Where can I find out what the rules are and the best way to proceed. Thanks for any help you can give me. : Trustee has fidudiciary duties to both borrower and lender, so most pro trustees are very cautious about saying much of anything that could favor ANY prospective bidder in any way. : My advice would be to just get there early, maybe with a friend or two, so you can identify the right "huddle" and pick out the right trustee before the action starts. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455