Legal Question in Real Estate Law in California

3rd trustee

what happens when a 3rd trustee holder forecloses on a loan? the 1st and 2nd are current.


Asked on 4/14/09, 3:51 pm

3 Answers from Attorneys
OCEAN BEACH ASSOCIATES OCEAN BEACH ASSOCIATES

Re: 3rd trustee

That is a broad question. You want to defend yourself, and try to prevent loss. Contact me directly,

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Answered on 4/15/09, 5:49 pm
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: 3rd trustee

Whoever buys at the sale by the trustee for the holder of the 3rd deed of trust acquires the property "subject to" the 1st and 2nd deeds of trust. Frequently, such buyers have pretty deep pockets and/or good access to credit and will refinance the property promptly. However, senior liens are not paid from the proceeds of a junior trustee sale.

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Answered on 4/14/09, 5:19 pm
Terry A. Nelson Nelson & Lawless

Re: 3rd trustee

The third has to pay off or assume the 1st and 2nd.

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Answered on 4/14/09, 5:39 pm


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