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  • December 21, 2007 at 12:23 AM #11282
    admin
    Keymaster

    …the second mortage holder forecloses on a property? Does it work the same as when the first mortgage holder forecloses? For instance is it sold at auction? What if it doesn’t sell? then does it go back to the second mortgage holder? If that’s the case, how do the investors recoup their money?

    I just got another call from mommy (second mortgage holder) today. Apparently, the owner (her son) is still pocketing my rent money and not paying the mortgage. Mom is advancing the payment to the first mortgage holder to keep them from foreclosing. According to Joe Blow at her office, owner promised to pay up this month, but so far hasn’t.

    Same old story, I got the spiel on how the investors who fronted the money for the second are worried about losing their investment. How I’m aiding a “rent skimmer” and how it’s “criminal”. I am surprised mom’s office called because last month I did not return her calls. I thought that was enough to deter her from calling again. This along with the mice has pretty much convinced me it’s time to get out of dodge.

    When I paid the rent in Nov. owner promised me he was going to pay the first. He hasn’t. According to him, his mom owes him money. So, when does that relieve him of his responsibility to pay his first mortgage holder?? This is totally ridiculous. He was also supposed to be getting an attorney to stop this foreclosure. I don’t believe that’s going to happen.

    Notice of default was filed on Sept. 27th. Around 50K is owned on the second. If they sell the property, how much time do I have before someone comes knocking on my door telling me to move? Someone please explain the process to me.

    Thanks.

    December 21, 2007 at 12:39 AM #121891
    Anonymous
    Guest

    Oh, and I did send a message to the mom through “administrative assistant” asking her if she’s gonna foreclose or what. Haven’t heard back from her.

    December 21, 2007 at 12:39 AM #122038
    Anonymous
    Guest

    Oh, and I did send a message to the mom through “administrative assistant” asking her if she’s gonna foreclose or what. Haven’t heard back from her.

    December 21, 2007 at 12:39 AM #122060
    Anonymous
    Guest

    Oh, and I did send a message to the mom through “administrative assistant” asking her if she’s gonna foreclose or what. Haven’t heard back from her.

    December 21, 2007 at 12:39 AM #122114
    Anonymous
    Guest

    Oh, and I did send a message to the mom through “administrative assistant” asking her if she’s gonna foreclose or what. Haven’t heard back from her.

    December 21, 2007 at 12:39 AM #122136
    Anonymous
    Guest

    Oh, and I did send a message to the mom through “administrative assistant” asking her if she’s gonna foreclose or what. Haven’t heard back from her.

    December 22, 2007 at 12:56 PM #122801
    Anonymous
    Guest

    Can I get some help here?…So no one understands the process of a second foreclosure?

    December 22, 2007 at 12:56 PM #123044
    Anonymous
    Guest

    Can I get some help here?…So no one understands the process of a second foreclosure?

    December 22, 2007 at 12:56 PM #123028
    Anonymous
    Guest

    Can I get some help here?…So no one understands the process of a second foreclosure?

    December 22, 2007 at 12:56 PM #122948
    Anonymous
    Guest

    Can I get some help here?…So no one understands the process of a second foreclosure?

    December 22, 2007 at 12:56 PM #122973
    Anonymous
    Guest

    Can I get some help here?…So no one understands the process of a second foreclosure?

    December 22, 2007 at 2:04 PM #123060
    LeaSD
    Participant

    The first, second, third mortgage or deed (mattering if you are in a mortgage state or a deed of trust state) is the order in which your position is to the title of the property. Whatever position you are in – to get to title you must make whole anyone who is in front of you and anyone behind you gets wiped out. Therefore for the mother to foreclose on the property in the second position, she needs to pay off the first lien holder. If there was anyone in the third position (let’s say a contractor did work on the house and did not get paid so s/he put a mechanics lien against the property) this person in the third position would get wiped out and now only have an unsecured debt against the person.

    If you lease was signed PRIOR to the mortgage holder and of record then your lease would actually be in front of their lien and in a foreclosure they would have to recognize your lease. Of course if it is a month to month with either party allowed to cancel with 30 days notice- they step into the same rights as the original lessor. If your lease was signed after the mortgage – they do not have to honor your lease but nothing would prevent you and the party that forecloses to make new arrangements.

    My take – it is a mess – why waste time dealing with it – take control and choose to rent a place without all the drama.

    December 22, 2007 at 2:04 PM #123042
    LeaSD
    Participant

    The first, second, third mortgage or deed (mattering if you are in a mortgage state or a deed of trust state) is the order in which your position is to the title of the property. Whatever position you are in – to get to title you must make whole anyone who is in front of you and anyone behind you gets wiped out. Therefore for the mother to foreclose on the property in the second position, she needs to pay off the first lien holder. If there was anyone in the third position (let’s say a contractor did work on the house and did not get paid so s/he put a mechanics lien against the property) this person in the third position would get wiped out and now only have an unsecured debt against the person.

    If you lease was signed PRIOR to the mortgage holder and of record then your lease would actually be in front of their lien and in a foreclosure they would have to recognize your lease. Of course if it is a month to month with either party allowed to cancel with 30 days notice- they step into the same rights as the original lessor. If your lease was signed after the mortgage – they do not have to honor your lease but nothing would prevent you and the party that forecloses to make new arrangements.

    My take – it is a mess – why waste time dealing with it – take control and choose to rent a place without all the drama.

    December 22, 2007 at 2:04 PM #122988
    LeaSD
    Participant

    The first, second, third mortgage or deed (mattering if you are in a mortgage state or a deed of trust state) is the order in which your position is to the title of the property. Whatever position you are in – to get to title you must make whole anyone who is in front of you and anyone behind you gets wiped out. Therefore for the mother to foreclose on the property in the second position, she needs to pay off the first lien holder. If there was anyone in the third position (let’s say a contractor did work on the house and did not get paid so s/he put a mechanics lien against the property) this person in the third position would get wiped out and now only have an unsecured debt against the person.

    If you lease was signed PRIOR to the mortgage holder and of record then your lease would actually be in front of their lien and in a foreclosure they would have to recognize your lease. Of course if it is a month to month with either party allowed to cancel with 30 days notice- they step into the same rights as the original lessor. If your lease was signed after the mortgage – they do not have to honor your lease but nothing would prevent you and the party that forecloses to make new arrangements.

    My take – it is a mess – why waste time dealing with it – take control and choose to rent a place without all the drama.

    December 22, 2007 at 2:04 PM #122962
    LeaSD
    Participant

    The first, second, third mortgage or deed (mattering if you are in a mortgage state or a deed of trust state) is the order in which your position is to the title of the property. Whatever position you are in – to get to title you must make whole anyone who is in front of you and anyone behind you gets wiped out. Therefore for the mother to foreclose on the property in the second position, she needs to pay off the first lien holder. If there was anyone in the third position (let’s say a contractor did work on the house and did not get paid so s/he put a mechanics lien against the property) this person in the third position would get wiped out and now only have an unsecured debt against the person.

    If you lease was signed PRIOR to the mortgage holder and of record then your lease would actually be in front of their lien and in a foreclosure they would have to recognize your lease. Of course if it is a month to month with either party allowed to cancel with 30 days notice- they step into the same rights as the original lessor. If your lease was signed after the mortgage – they do not have to honor your lease but nothing would prevent you and the party that forecloses to make new arrangements.

    My take – it is a mess – why waste time dealing with it – take control and choose to rent a place without all the drama.

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