2nds Foreclosure On Non-Judicial

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How do 2nd, 3rd etc. level-holders foreclose on non-judicial areas? What I mean is, the 1st has the right to power-sale the house, what to the juniors have right to do? How do they redeem equity if 1st doesn't want to power of sale? Do they buyout the first? What if first says no to buyout?

Sorry for such a multiple part question, but I'm psyked!

Comments(2)

  • remarble1st September, 2004

    torontoreply...remarble in california here. I saw your question and was curious if you had a good response to it. I would like to know what was submitted. Particularly, if you have a 2nd and you would like to foreclose on the property. It's understood that the second holder is responsible for the 1st, BUT....can he foreclose on the first and take possession. your help would be appreciated....remarble

  • commercialking1st September, 2004

    Essentially all lien holders have the right to foreclose. The difference is that they foreclose only their position.

    A 2nd mortgage, for example, can file foreclosure subject to the first. If the sale goes forward the liens junior to the 2nd are dropped and the property is for sale for the value of the first and second.

    This is true whether the process is a judicial or non-judicial one. The only difference is the steps by which the sale goes forward.

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