What are my option as 2nd Mortgage holder when delinquent?
In Florida, I hold a 2nd mortgage for an individual who is 2 months behind in payments. What are my option regarding Liens?
Can I attach other property or does it have to be the property to which the mortgage pertains?
Answers:
As a second mortgage holder, the mortgage is the lien. If the property be sold, you would be second in line after the first mortgage is remunerated off. To gey a lien against some other property, you would need a judgement against the individual, and to get that, there's court fees, etc. Sounds like your best bet in a minute is call a lawyer.
Do you be a sign of the buyer is behind in his payments to you, or to the first lien holder?
If to you, you can foreclose, but you'll call for to pay off the first lien holder. Then you own the house. If he's down to the first lien holder, then the first will notify you that they are going to foreclose. You can either earnings off the first and you own it, or let them foreclose and next you get nothing. Maybe propose the first lien holder 90% of what is owed them...
Only this property may be encumbered with this mortgage.
If you cannot afford to pay bad the first lien holder, consider finding an investor to buy your note (at a reduction) who can then earnings off the first and then the investor will own the house. Source(s): 14 yrs San Antonio Realtor
Related Questions:
Mortgage forclosure, taxes.. co-owned residence.. outstandingly confusing?
What happen to your mortgage if the Bank which wrote it go completely lower than?
How do I subtract a payoff statment for my mortgage?
I want to go my house and relocate, what happen to my mortgage, what happen to my deposit?
Can both spouses claim mortgage interest and property taxes on their charge returns if married file separately?
Can I attach other property or does it have to be the property to which the mortgage pertains?
Answers:
As a second mortgage holder, the mortgage is the lien. If the property be sold, you would be second in line after the first mortgage is remunerated off. To gey a lien against some other property, you would need a judgement against the individual, and to get that, there's court fees, etc. Sounds like your best bet in a minute is call a lawyer.
Do you be a sign of the buyer is behind in his payments to you, or to the first lien holder?
If to you, you can foreclose, but you'll call for to pay off the first lien holder. Then you own the house. If he's down to the first lien holder, then the first will notify you that they are going to foreclose. You can either earnings off the first and you own it, or let them foreclose and next you get nothing. Maybe propose the first lien holder 90% of what is owed them...
Only this property may be encumbered with this mortgage.
If you cannot afford to pay bad the first lien holder, consider finding an investor to buy your note (at a reduction) who can then earnings off the first and then the investor will own the house. Source(s): 14 yrs San Antonio Realtor
Related Questions: