Foreclosing 2nd Mortgage...Can I?????
Hi, I'm new to all this and need help. We"re selling our house, have a sales contract in which we are holding a small (about 25% of prop value) 2nd mortgage. Our lawer is telling us that if the purchasers don't pay the only recourse we have is to file a judgement or garnish wages. can't we forclose???
any advice is greatly appreciated.
thanks, Wendy
You can foreclose, but you will only be able to collect if and when the house is sold or if you buy the first and foreclose on it then. Like the lawyer said, it is just as easy to file judgment and garnish wages. Hope this helps.
thanks, it just seems too easy for them to stiff us. so they could go the scumbag route, not pay us, work off the books and we'd be sol until they sold the place?!
that stinks!