If I am current on my 1st mortgage loan but evasion on my 2nd loan ..can the 2nd lienholder foreclose on my ..?
home? The 1st mortgage is current I owe them $250k. The property value is only $215k. The 2nd lienholder are "private investors"; and they hold sent me a trustee sale notice which have no opening bid. I matched the recorders organization instrument # and it belongs to another property which is not even my property! to me it seems like they are fake the notice of trustee sale becuase it is not record? I have been getting warning out there and Ive been told I can record a bankrupty ch13. What to do ? help? Can they foreclose even though my 1st mortgage is being payed current ? and plus in attendance is no equity?
ps I stopped paying because I couldt afford to pay these private investors anymore an interest rate of 13%.
also the property is in California, LA county
Answers:
My best advise to you is see an Attorney that is a Bankruptcy specialist they will direct you merrily.
No they cannot foreclose but they can and will put a lien on your property. Your 1st Mortgage holder will not resembling that and could call your loan. Meaning you would have to pay envelope in full immediately. You have need of to read your loan papers from the 1st mortgage company.
If the debt is properly secured against your home, consequently they can foreclose IF and only if they pay stale the 1st mortgage when they do so.
Nobody is going to pay off the $250,000 mortgage to help yourself to a $215,000 house. They are better off holding the debt and letting the 13% interest accrue so they can sue you for it later. So no, they won't foreclose, although they technically could.
If you have tons of equity, you might have a reason to be worried. For example if you lone owed $100,000 on the 1st mortgage, the investors might find a way to come up with the $100k to rate off your first mortgage so they could foreclose and take your equity.
Yes, the second can foreclose. In fact, ANY lienholder may foreclose, whether its a mechanics lien, or a judgment lien, or a HOA assessment lien, etc.
However, contained by your case, the second would be foolish to foreclose. Their foreclosure would not extinguish the 1st mortgage. So, nobody at the trustee sale would buy, because they would be buying a property to be precise encumbered with a $250K debt. The holders of the second mortgage, if they indeed foreclose, will, after all the time and expense of a foreclosure, will completion up owning a property worth $215K and encumbered with a $250K debt.
However, that second mortgage is not going to go away. Eventually, yo will payment down your first mortage, or else your home will go up ample in value, to the point where on earth the second lienholder WILL find it advantageous to foreclose. At that point, when you receive the default notice, you will be required to settle up ALL of the arrears due to the second lienholder if you want to avoid the foreclosure.
At this point, your best bet may be to stop paying both the first and second. See an attorney to learn the ramifications of such a plan.
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ps I stopped paying because I couldt afford to pay these private investors anymore an interest rate of 13%.
also the property is in California, LA county
Answers:
My best advise to you is see an Attorney that is a Bankruptcy specialist they will direct you merrily.
No they cannot foreclose but they can and will put a lien on your property. Your 1st Mortgage holder will not resembling that and could call your loan. Meaning you would have to pay envelope in full immediately. You have need of to read your loan papers from the 1st mortgage company.
If the debt is properly secured against your home, consequently they can foreclose IF and only if they pay stale the 1st mortgage when they do so.
Nobody is going to pay off the $250,000 mortgage to help yourself to a $215,000 house. They are better off holding the debt and letting the 13% interest accrue so they can sue you for it later. So no, they won't foreclose, although they technically could.
If you have tons of equity, you might have a reason to be worried. For example if you lone owed $100,000 on the 1st mortgage, the investors might find a way to come up with the $100k to rate off your first mortgage so they could foreclose and take your equity.
Yes, the second can foreclose. In fact, ANY lienholder may foreclose, whether its a mechanics lien, or a judgment lien, or a HOA assessment lien, etc.
However, contained by your case, the second would be foolish to foreclose. Their foreclosure would not extinguish the 1st mortgage. So, nobody at the trustee sale would buy, because they would be buying a property to be precise encumbered with a $250K debt. The holders of the second mortgage, if they indeed foreclose, will, after all the time and expense of a foreclosure, will completion up owning a property worth $215K and encumbered with a $250K debt.
However, that second mortgage is not going to go away. Eventually, yo will payment down your first mortage, or else your home will go up ample in value, to the point where on earth the second lienholder WILL find it advantageous to foreclose. At that point, when you receive the default notice, you will be required to settle up ALL of the arrears due to the second lienholder if you want to avoid the foreclosure.
At this point, your best bet may be to stop paying both the first and second. See an attorney to learn the ramifications of such a plan.
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