I Probably Should See A Lawyer, But...
What do you think of this:
First deed of trust is in default. Auction date is 9/14. This will be a non-judicial foreclosure of a deed of trust. The second deed of trust has already been foreclosed. This note was a judicial foreclosure. I am in Oregon, with a 6 month right of redemption after a judicial foreclosure. The redemption period is not up until October . So, the first will most likely foreclose before the redemption period for the second is over, eliminating the second? Does the buyer at the judicial foreclosure have title to the house now?
Here is what I am thinking:
Talk to the owner, and for some $ compensation, get them to B&S me a deed to the house. Then redeem the property from the second lienholder (who was the only bidder at the judicial foreclosure auction). Then, when I have title to the house, reinstate the first deed of trust. Sell it and make gobs of money.
Any thoughts?
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