Posted: Thu Sep 11, 2008 7:02 pm Post subject: Does the 2nd mortgage holder have any rights over the 1st mo
We hold a 2nd mortgage on a spec home we built and unfortunately we had to foreclose on the buyers. Not only didn't they pay us but they also got behind on the 1st mortgage. The 1st mortgage lender has filed a foreclosure too. We have fixed the house up, listed the house with a realtor and kept things looking nice. My question is: Does the mortgage company that holds the first have the right to make us pay for the previous owners accumulated interest, back taxes and realtor fees just to sell the house?
the foreclosure that you filed will have less priority than what the first mortgage filed. Moreover, I haven't heard of 2 foreclosures on the same property. I find that you have done the repair work so that the house can be sold off at a suitable price. But you can't do it until and unless the first lender gets his share of loan balance.
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Does the mortgage company that holds the first have the right to make us pay for the previous owners accumulated interest, back taxes and realtor fees just to sell the house?
I don't think the company will make you pay. But whatever is left from the sale proceeds after the first mortgage is paid off, will pass on to you.
Yes the first will more than likely go after you for any unpaid balance owed to them as the first holds priority over the second. _________________ Top 100 Mortgage website www.mortgagebreakdown.com
Information given is an opinion, for true legal advice please consult an attorney.
JONATHAN LA FOND Guest
Posted: Thu Jan 22, 2009 8:19 pm Post subject: LEGAL RIGHTS AS 2ND MORTGAGE HOLDER AFTER THE FIRST HAS FORC
DO WE HAVE FIRST RIGHT TO REFUSAL TO RE-PURCHASE FROM THE 1ST LEIN HOLDER BEFORE IT CAN BE OFFERED TO ANYONE ELSE FOR SALE?
JONATHAN LA FOND Guest
Posted: Thu Jan 22, 2009 8:22 pm Post subject: RE-PURCHASE PROPERTY FROM 1ST LEINHOLDER
DO WE HAVE THE LEGAL RIGHT TO FIRST REFUSAL SINCE WE CARRY THE SECOND?
Your question is not very clear to me. Are you speaking from the second lender's point of view or the borrower's? As far as I know, there has to be an agreement regarding the right of first refusal. The second lender one should have an agreement with the first lender about right of first refusal. Or else as a second lender, you can buy out the first lender and pay off his dues to make the second loan primary.
Speaking from the borrower's point of view, if you can pay off the first lender, then there will be no need to foreclose the property. And if the first lender declares a foreclosure, you will still be liable to pay off the second loan.
Posted: Sat Jan 24, 2009 6:40 pm Post subject: FILING OF A LOSS PENANCE FORM IMMEDIATELY
WE CARRIED THE 2ND MORTGAGE, THE MORTGAGE NOTE AND DEED WERE RECORDED IN OUR COUNTY. I NEVER RECIEVED A NOTICE OF ANY KIND ABOUT A 1ST MORTGAGE FORCLOSURE, WHICH, HAD I RECIEVED ONE I WOULD HAVE THEN INITIATED THE REPURCHASE FOR THE PROPERTY. I NEED LEGAL ADVISE ON HOW I CAN STOP THE SALE OF THIS PROPERTY TO ANOTHER BUYER. I NEED TO RECLAIM THIS PROPERTY ASAP.
kdhein1
