QueBota
Gold Member
This may not be the right forum, apologies in advance if that is the case.
Saw this in the paper last weekend and I was shocked, it is the property across and just down the road from me. Nice enough fellow, I believe he was using his property as an ATM (cash out or multiple cash out refinances ) during the rapid rise in property values. I speak to him several times a week and he never indicated he was having any problems, we may have been able to help him out. The property in our area doubled during the boom time and has come down about 25% off peak.
I will include the notice that was in the local paper for reference, it is a little long but covers the information.
My question is in the above title, how do these things work. My neighbor and I may want to step in an attempt to purchase, property is in move in condition, hate to see this forced sale negatively impact our lives.
Thanks,
Dave
Bierman, Geesing & Ward, LLC 4520 East West Highway, Suite 200 Bethesda, MD 20814 (301) 961-6555 SUBSTITUTE TRUSTEES' SALE OF IMPROVED REAL PROPERTY nnn CCCCC CC. CCCCCCC, MD nnnnn Under a power of sale contained in a certain Deed of Trust from Cccccccc C. Cccccccccc dated December 18, 2006 and recorded in Liber nnnnn, Folio nnn among the Land Records of Anne Arundel Co., MD, with an original principal balance of $522,500.00 and an original interest rate of 8.900% default having occurred under the terms thereof, the Sub. Trustees will sell at public auction at the Circuit Court for Anne Arundel Co., at the Court House Door, 7 Church Circle, Annapolis, on FEBRUARY 10, 2009 AT 9:48 A.M. ALL THAT FEE-SIMPLE LOT OF GROUND, together with the buildings and improvements thereon situated in Anne Arundel Co., MD and more fully described in the aforesaid Deed of Trust. The property, which is improved by a dwelling, will be sold in an "as is" condition and subject to conditions, restrictions and agreements of record affecting the same, if any, and with no warranty of any kind. Terms of Sale: A deposit of $55,000 in cash, cashier's check or certified check required at time of sale. Balance of the purchase price, together with interest on the unpaid purchase money at the current rate contained in the Deed of Trust Note from the date of sale to the date funds are received by the Trustees, payable in cash within ten days of final ratification of the sale by the Circuit Court. There will be no abatement of interest due from the purchaser in the event additional funds are tendered before settlement or if settlement is delayed for any reason. TIME IS OF THE ESSENCE FOR THE PURCHASER. Adjustment of current year real property taxes will be made as of the date of sale and thereafter assumed by the purchaser. All past due property taxes paid by the purchaser. All other public charges or assessments, including water/sewer charges, ground rent, whether incurred prior to or after the sale, and all other costs incidental to settlement to be paid by the purchaser. All condo/HOA dues will be adjusted to the date of sale. All transfer taxes and settlement expenses shall be paid by the Purchaser. Purchaser is responsible for obtaining physical possession of the property, and assumes risk of loss or damage to the property from the date of sale. If ratification or settlement is delayed for any reason there shall be no abatement of interest. The sale is subject to post-sale audit of the status of the loan with the loan servicer including, but not limited to, determination of whether the borrower entered into any repayment agreement, reinstated or paid off the loan prior to the sale. In any such event, this sale shall be null and void, and the Purchaser's sole remedy, in law or equity, shall be the return of the deposit without interest. If Purchaser fails to settle within ten days of ratification, he agrees to pay, attorneys' fees in the amount of $750.00, plus costs, if the Trustees have moved to resell the property. Purchaser waives personal service of any paper filed in connection with such a motion on himself and/or any principal or corporate designee, and expressly agrees to accept service of any such paper by regular mail directed to the address provided by said bidder at the time of the sale. If Purchaser defaults under these terms, deposit shall be forfeited. The Trustees may then resell the property at the risk and cost of the defaulting purchaser. The defaulted purchaser shall not be entitled to any surplus proceeds resulting from said resale even if such surplus results from improvements to the property by said defaulted purchaser. If Trustees are unable to convey either insurable or marketable title, or if the sale is not ratified by the Circuit Court for any reason, the Purchaser's sole remedy, at law or equity, is the return of the deposit without interest. Purchaser agrees to pay $295.00 at settlement to the Seller's attorney for review of the settlement documents and an additional fee of $295.00 for review of any motion which may be subsequently filed with the Court to substitute a purchaser herein. PLEASE CONSULT Alex Cooper auctioneers FOR STATUS OF UPCOMING SALES Howard N. Bierman, Jacob Geesing, Carrie M. Ward, Substitute Trustees LICENSE NOS. A00004, A00176, A00177, A00193, A00227, A00234, A00297, A00307, A00338 313720 2/06 0000313720-01
Saw this in the paper last weekend and I was shocked, it is the property across and just down the road from me. Nice enough fellow, I believe he was using his property as an ATM (cash out or multiple cash out refinances ) during the rapid rise in property values. I speak to him several times a week and he never indicated he was having any problems, we may have been able to help him out. The property in our area doubled during the boom time and has come down about 25% off peak.
I will include the notice that was in the local paper for reference, it is a little long but covers the information.
My question is in the above title, how do these things work. My neighbor and I may want to step in an attempt to purchase, property is in move in condition, hate to see this forced sale negatively impact our lives.
Thanks,
Dave
Bierman, Geesing & Ward, LLC 4520 East West Highway, Suite 200 Bethesda, MD 20814 (301) 961-6555 SUBSTITUTE TRUSTEES' SALE OF IMPROVED REAL PROPERTY nnn CCCCC CC. CCCCCCC, MD nnnnn Under a power of sale contained in a certain Deed of Trust from Cccccccc C. Cccccccccc dated December 18, 2006 and recorded in Liber nnnnn, Folio nnn among the Land Records of Anne Arundel Co., MD, with an original principal balance of $522,500.00 and an original interest rate of 8.900% default having occurred under the terms thereof, the Sub. Trustees will sell at public auction at the Circuit Court for Anne Arundel Co., at the Court House Door, 7 Church Circle, Annapolis, on FEBRUARY 10, 2009 AT 9:48 A.M. ALL THAT FEE-SIMPLE LOT OF GROUND, together with the buildings and improvements thereon situated in Anne Arundel Co., MD and more fully described in the aforesaid Deed of Trust. The property, which is improved by a dwelling, will be sold in an "as is" condition and subject to conditions, restrictions and agreements of record affecting the same, if any, and with no warranty of any kind. Terms of Sale: A deposit of $55,000 in cash, cashier's check or certified check required at time of sale. Balance of the purchase price, together with interest on the unpaid purchase money at the current rate contained in the Deed of Trust Note from the date of sale to the date funds are received by the Trustees, payable in cash within ten days of final ratification of the sale by the Circuit Court. There will be no abatement of interest due from the purchaser in the event additional funds are tendered before settlement or if settlement is delayed for any reason. TIME IS OF THE ESSENCE FOR THE PURCHASER. Adjustment of current year real property taxes will be made as of the date of sale and thereafter assumed by the purchaser. All past due property taxes paid by the purchaser. All other public charges or assessments, including water/sewer charges, ground rent, whether incurred prior to or after the sale, and all other costs incidental to settlement to be paid by the purchaser. All condo/HOA dues will be adjusted to the date of sale. All transfer taxes and settlement expenses shall be paid by the Purchaser. Purchaser is responsible for obtaining physical possession of the property, and assumes risk of loss or damage to the property from the date of sale. If ratification or settlement is delayed for any reason there shall be no abatement of interest. The sale is subject to post-sale audit of the status of the loan with the loan servicer including, but not limited to, determination of whether the borrower entered into any repayment agreement, reinstated or paid off the loan prior to the sale. In any such event, this sale shall be null and void, and the Purchaser's sole remedy, in law or equity, shall be the return of the deposit without interest. If Purchaser fails to settle within ten days of ratification, he agrees to pay, attorneys' fees in the amount of $750.00, plus costs, if the Trustees have moved to resell the property. Purchaser waives personal service of any paper filed in connection with such a motion on himself and/or any principal or corporate designee, and expressly agrees to accept service of any such paper by regular mail directed to the address provided by said bidder at the time of the sale. If Purchaser defaults under these terms, deposit shall be forfeited. The Trustees may then resell the property at the risk and cost of the defaulting purchaser. The defaulted purchaser shall not be entitled to any surplus proceeds resulting from said resale even if such surplus results from improvements to the property by said defaulted purchaser. If Trustees are unable to convey either insurable or marketable title, or if the sale is not ratified by the Circuit Court for any reason, the Purchaser's sole remedy, at law or equity, is the return of the deposit without interest. Purchaser agrees to pay $295.00 at settlement to the Seller's attorney for review of the settlement documents and an additional fee of $295.00 for review of any motion which may be subsequently filed with the Court to substitute a purchaser herein. PLEASE CONSULT Alex Cooper auctioneers FOR STATUS OF UPCOMING SALES Howard N. Bierman, Jacob Geesing, Carrie M. Ward, Substitute Trustees LICENSE NOS. A00004, A00176, A00177, A00193, A00227, A00234, A00297, A00307, A00338 313720 2/06 0000313720-01
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