Foreclosure On Second...what About First
Hey everyone,
I have a question about the status of this property which is in foreclosure.
1st mort: $135,000
2nd mort: $33,000
comps: $180-185,000
3 yr old home, no repairs. Owner tells me the property is in Chap. 13 which will have to be dismissed for me to get ownership. Here's the question. The SECOND mortgage was foreclosed and bought back by the same lender. This second was foreclosed before the first mortgage was able to foreclose. Actually the first mortgage foreclosure was stopped by the emergency Ch.13 filing. Since the second has already foreclosed, where does that put them in the right to ownership of this home? Aren't they now supposed to make the first mortgage to get their position back? The homeowner is still living in the home. Can't the second now evict the homeowner?
Doing my due diligence before doing the paperwork.
Thanks,
Jason
It's possible that the Owner is seeking to exercise his Right of Redemption... and filed a post sale Chapter 13 to extend the ROR. From what I've read, the ROR in Missouri is complex...
[addsig]