highdesertland
05-31-2007, 01:44 PM
Hi,
[FONT=Times New Roman][SIZE=3]I was given a grant deed for vacant land as collateral for a loan. The contract was breached (breaching party herein referred to as BP) and the land is now in my name. There was a 1st TD, which is being foreclosed on. (BP stopped making payments on the loan for td before breaching the contract with me) BP now wants the property back (he owes me more than the land is worth in the current market) and is promising to bring loan current first, then pay me off in a few months. My first concern is what paperwork does he need to receive from foreclosure company to make sure all is satisfied when he brings payments current of whatever amount that he owes (past due payments, late fees, and foreclosure charges) so that I can be assured that no further action will be taken to repossess/foreclosure sale of my property. I have called the foreclosure company asked them for a full accounting of what is due, and they have only showed an amount for what is past due, not inclusive of foreclosure costs. The notice of foreclosure states that all past due payments, late fees, and possibly property taxes etc. Secondly, I have read in some states that you can only redeem one is a certain period of time. I am in California. Is there a restriction on how many times this can be done i.e. if reinstated and BP falls behind in his payment will the same 3 month period before notice of sale can go back into effect? Also I don
[FONT=Times New Roman][SIZE=3]I was given a grant deed for vacant land as collateral for a loan. The contract was breached (breaching party herein referred to as BP) and the land is now in my name. There was a 1st TD, which is being foreclosed on. (BP stopped making payments on the loan for td before breaching the contract with me) BP now wants the property back (he owes me more than the land is worth in the current market) and is promising to bring loan current first, then pay me off in a few months. My first concern is what paperwork does he need to receive from foreclosure company to make sure all is satisfied when he brings payments current of whatever amount that he owes (past due payments, late fees, and foreclosure charges) so that I can be assured that no further action will be taken to repossess/foreclosure sale of my property. I have called the foreclosure company asked them for a full accounting of what is due, and they have only showed an amount for what is past due, not inclusive of foreclosure costs. The notice of foreclosure states that all past due payments, late fees, and possibly property taxes etc. Secondly, I have read in some states that you can only redeem one is a certain period of time. I am in California. Is there a restriction on how many times this can be done i.e. if reinstated and BP falls behind in his payment will the same 3 month period before notice of sale can go back into effect? Also I don