Posted on: 27th Sep, 2009 03:29 am
i live in maryland. my 2nd mortgage company has forleclosed on my home. the 2nd mortgage has agreed to let me pay-off the loan in full by wiring the funds to them. once the funds are receive they wil execute a quit claim deed which releases there interest in the property back to me. is this legal? what should i request in writing from them for legal purposes since the loan will be paid in full? can this be done after foreclosure. i did purchase a copy of the close of sale packages from the county clerks office.
Have you paid your first mortgage?
you are supposed to clear your 2nd mortgage as well. They can put linen against your property. But i do not think that they can become owner of it.
you are supposed to clear your 2nd mortgage as well. They can put linen against your property. But i do not think that they can become owner of it.
Hi valeriekelley,
Though you pay the first mortgage dues, the lender will not be able to transfer the property interests to you as the second lender would have sold off the property till then. If you wish to pay off your first lender, you'll have to sign an agreement with him. You can contact an attorney and he would help you in doing so. However, paying off the dues doesn't mean you would get back the property. If you pay off the first mortgage dues, it may have a positive effect on your credit report.
Though you pay the first mortgage dues, the lender will not be able to transfer the property interests to you as the second lender would have sold off the property till then. If you wish to pay off your first lender, you'll have to sign an agreement with him. You can contact an attorney and he would help you in doing so. However, paying off the dues doesn't mean you would get back the property. If you pay off the first mortgage dues, it may have a positive effect on your credit report.