I just found a very expensive property on FR (> 1 million) that has an NTS for the 2nd loan. ?Only problem is that the second loan shows value of $0, and the opening bid is around 8k. ?What on earth does that mean?
Some security type loans will show a zero amount. ?I have seen bail bond Deeds of Trust with no amount on the Deed of Trust. ?Or security bonds for contractors etc. ?Normally the Deed of Trust would make some reference to the obligation it is securing.
I see. ?Thanks miket.
Are you sure it is a lender foreclosing on a loan? Could it be a homeowner’s association? When you see an amount that small (e.g. less than $15K) moving to a trustee sale, it is often an HOA. Look at the NTS and if you see “HOA” or “XXX Lien Services” … pretty fair bet that it is an HOA. Even if an HOA lien goes to sale, in most states, including CA, the homeowner has a 90 day “right of redemption” post trustee sale to pay the back due amount and regain ownership. More here > http://www.foreclosureradar.com/forum/topics/10771/buying-hoa-liens-and-90-day-right-redemption/