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2nd lien

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navedh Guest	Posted: Sat Jun 23, 2007 4:57 pm    Post subject: 2nd lien Like 0 Dislike 0 Hi, I sold a house & was a 2nd note holder. House went to forclosure, and went to auction. there were no bid on the house so first lein holder took the house. now how do i get my money? thx naved
miller_st Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)	Posted: Sat Jun 23, 2007 5:33 pm    Post subject: Like 0 Dislike 0 Navedh, I would like to know a few things like how much was the amount of first lien and the price that was set for the auction? Was it more than the amount of the first lien?
monrf Guest	Posted: Sat Jun 23, 2007 8:34 pm    Post subject: Like 0 Dislike 0 Quote: Hi, I sold a house & was a 2nd note holder. House went to forclosure, and went to auction. there were no bid on the house so first lein holder took the house. now how do i get my money? thx naved Yes Navedh it is important to know how much price that was fixed for the house at the time auction was set for the house.
ezmortgageloanz Moderator Joined: 06 Apr 2007 Posts: 123 Location: National 37.57 Dollars($)	Posted: Sun Jun 24, 2007 4:57 pm    Post subject: Like 0 Dislike 0 This is just one of the dangers of being in a second lien position---unless the first lien holder feels generous, they are not obligated to give you anything... The only way you can legally get your money is to buy out the 1st lien holder, take possession of the house and resell it (and hopefully pull out your investment at that point). Regards, Scott Miller _________________ National FHA Mortgage Broker www.BadCreditMortgageMakeover.com
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Sun Jun 24, 2007 9:33 pm    Post subject: Like 0 Dislike 0 Hello Naved, I agree with Scott. The first lien is not in least indebted to give you any money. So, you do need to repossess the house by buying back the house .Then you could resell the house and get the money.
Winkler Guest	Posted: Mon Jun 25, 2007 6:59 pm    Post subject: Like 0 Dislike 0 Quote: The only way you can legally get your money is to buy out the 1st lien holder Most often if is difficult for the second lien holder to buy out the first loan as the first loan amount often is substantially more than his lien amount and chances of being able to sell the house to recover the total amount is difficult. This is the reason in the first place because of which borrower goes into foreclosure instead of selling and paying off the loans. The risk second loan holder has this type of risk to bear and because of which second loans have higher rates to cover that risk.

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