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otions of second mortgage holder

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mchriste Joined: 16 Aug 2010 Posts: 1 1.33 Dollars($)	Posted: Mon Aug 16, 2010 6:25 pm    Post subject: otions of second mortgage holder Like 0 Dislike 0 I am the second mortgage holder of a rental property in California which is in foreclosure. The owner is current on his interest only payments to me, but in default on his first. How do I protect my asset in this process of foreclosure. Once is goes into public auction my loan will no longer be secured. Can I foreclose at this time from my position (though not in default)? Can I get an assignment of rents to help pay the first so that deferred interest and principal does not accumulate? What are my options at this point?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Aug 16, 2010 9:38 pm    Post subject: Like 0 Dislike 0 Hi mchriste! Welcome to forums! If you foreclose the property, you would be liable for satisfying the debts of the first mortgage lender prior to satisfying your own debts. As you're the second lender, though your loan would become unsecured, you can still contact the borrower and ask him to pay off the dues in full. The borrower is liable to pay off your balance dues. Feel free to ask if you've further queries. Sussane

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