2nd Mortgage Rights
Can I request that the 1St mortgage holder increase the minimum bid at the auction to include my 2nd mortgage? Thanks What can I do if the 1st is in foreclosure?!
Can I request that the 1St mortgage holder increase the minimum bid at the auction to include my 2nd mortgage? Thanks What can I do if the 1st is in foreclosure?!
No, the first won't increase their bid to protect your interests.
Mainly, your options are to:
1) buy out the first (hopefully for a discount) and finish out the foreclosure proceedings.
2) Show up at that auction and bid to protect your interests.
3) Wait and hope that someone else bids enough to cover your loan (IF, as a 2nd, you aren't automatically wiped by the first foreclosing. Check your state laws).
4) Accept the loss, and use it as a tax write-off on your taxes (check with your accountant).
Pretty much it, the way I see it.
Roger
If I buy a second say for 90,000 the first is for 275,000. Say the House is worth 475,00 how do I take posesion to sell it?
Thanks
I'm pretty sure that you have to foreclose on it before the first goes in foreclosue
Actually I talked to an RE attorney today he said that if you buy a second at auction you own the property minus the first. For what its worth. If you buy the second you better pay off the first...
Then unlawfull detainer