Serving Foreclosure Notice
I am working with a developer on a couple of properties.
The original owner was in foreclosure. Then he deeded the properties over to the developer I'm working with.
After some time, the lender served the developer a notice of foreclosure. However, the name they put on the documents was incorrect by a couple of words.
Does this mean that the lender will have to start the foreclosure process all over, since the papers were supposedly served incorrectly?
Or will they just have to re-serve the papers with the correct name & foreclose as scheduled?
Or will they have to re-serve the papers correctly and wait a certain period of time before foreclosing?
??? Maybe this depends on what state?
My first reaction would be that the papers have to reserved and the clock does not start until they are served correctly.
I do suggest that if you really care you speak with an attorney as some cases are different. I know one in the metro Portland area that I use for my RE deals. He is an active member of the local RE investors group so understands creative deals, etc.
John
[addsig]
I know that in California, generally if the papers were serverd incorrectly, if the person wants to contest, they would just appear in court and the judge would make a decision whether you would need to be re-served or not.
But this could vary by area, I would check with an attorney in your area.