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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 2:04 PM #122815
        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.

      • 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 #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 #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 2:10 PM #122820
        temeculaguy
        Participant

        I don’t know the process of a second foreclosure but isn’t the threat of having to move on short notice reason enough to leave now and set up somewhere more stable. Forget the “what you might get for free” and just bail after you’ve gotten the time you have paid for. Don’t pay the January rent and move in January, give them notice now. I think that whatever lease you are in has been broken by them a few times over. Regardless of the procedure, if your landlord doesn’t pay for the house, eventually it isn’t his house. A Sept. NOD means time is running out anyway, there are only a few months left, just take your dollars elsewhere.

        • December 22, 2007 at 4:14 PM #122845
          Anonymous
          Guest

          TG, thanks for the reply. You’re right, this situation is not worth the worry. It’s time to get out. My son is fine with moving. It seems I was projecting my concerns about his ability to adapt to new surroundings onto him even though he has never had a problem before. No worries.

        • December 22, 2007 at 4:30 PM #122849
          bubba99
          Participant

          Mom’s best bets are to foreclose from the second position, or let to let the first foreclose and simply bid on the property. This would effectively wipe out any thirds, and in the second position, she would get any “overages” from the sale. Her paying the first to keep it out of foreclosure is a mistake.

          From your perspective, if mom can actually pay off the first via a new loan, or at auction, no need to move. She will probably still want a good renter.

          But mom really needs to get some professional help to make any of this work, and possible protect herself from what is becomming an abusive son who might see “other” solutions to his problem. There seems to be no limit to the damage family arguments can cause to the family members.

        • December 22, 2007 at 4:30 PM #122994
          bubba99
          Participant

          Mom’s best bets are to foreclose from the second position, or let to let the first foreclose and simply bid on the property. This would effectively wipe out any thirds, and in the second position, she would get any “overages” from the sale. Her paying the first to keep it out of foreclosure is a mistake.

          From your perspective, if mom can actually pay off the first via a new loan, or at auction, no need to move. She will probably still want a good renter.

          But mom really needs to get some professional help to make any of this work, and possible protect herself from what is becomming an abusive son who might see “other” solutions to his problem. There seems to be no limit to the damage family arguments can cause to the family members.

        • December 22, 2007 at 4:30 PM #123022
          bubba99
          Participant

          Mom’s best bets are to foreclose from the second position, or let to let the first foreclose and simply bid on the property. This would effectively wipe out any thirds, and in the second position, she would get any “overages” from the sale. Her paying the first to keep it out of foreclosure is a mistake.

          From your perspective, if mom can actually pay off the first via a new loan, or at auction, no need to move. She will probably still want a good renter.

          But mom really needs to get some professional help to make any of this work, and possible protect herself from what is becomming an abusive son who might see “other” solutions to his problem. There seems to be no limit to the damage family arguments can cause to the family members.

        • December 22, 2007 at 4:30 PM #123078
          bubba99
          Participant

          Mom’s best bets are to foreclose from the second position, or let to let the first foreclose and simply bid on the property. This would effectively wipe out any thirds, and in the second position, she would get any “overages” from the sale. Her paying the first to keep it out of foreclosure is a mistake.

          From your perspective, if mom can actually pay off the first via a new loan, or at auction, no need to move. She will probably still want a good renter.

          But mom really needs to get some professional help to make any of this work, and possible protect herself from what is becomming an abusive son who might see “other” solutions to his problem. There seems to be no limit to the damage family arguments can cause to the family members.

        • December 22, 2007 at 4:30 PM #123095
          bubba99
          Participant

          Mom’s best bets are to foreclose from the second position, or let to let the first foreclose and simply bid on the property. This would effectively wipe out any thirds, and in the second position, she would get any “overages” from the sale. Her paying the first to keep it out of foreclosure is a mistake.

          From your perspective, if mom can actually pay off the first via a new loan, or at auction, no need to move. She will probably still want a good renter.

          But mom really needs to get some professional help to make any of this work, and possible protect herself from what is becomming an abusive son who might see “other” solutions to his problem. There seems to be no limit to the damage family arguments can cause to the family members.

        • December 22, 2007 at 4:14 PM #122989
          Anonymous
          Guest

          TG, thanks for the reply. You’re right, this situation is not worth the worry. It’s time to get out. My son is fine with moving. It seems I was projecting my concerns about his ability to adapt to new surroundings onto him even though he has never had a problem before. No worries.

        • December 22, 2007 at 4:14 PM #123017
          Anonymous
          Guest

          TG, thanks for the reply. You’re right, this situation is not worth the worry. It’s time to get out. My son is fine with moving. It seems I was projecting my concerns about his ability to adapt to new surroundings onto him even though he has never had a problem before. No worries.

        • December 22, 2007 at 4:14 PM #123073
          Anonymous
          Guest

          TG, thanks for the reply. You’re right, this situation is not worth the worry. It’s time to get out. My son is fine with moving. It seems I was projecting my concerns about his ability to adapt to new surroundings onto him even though he has never had a problem before. No worries.

        • December 22, 2007 at 4:14 PM #123091
          Anonymous
          Guest

          TG, thanks for the reply. You’re right, this situation is not worth the worry. It’s time to get out. My son is fine with moving. It seems I was projecting my concerns about his ability to adapt to new surroundings onto him even though he has never had a problem before. No worries.

      • December 22, 2007 at 2:10 PM #122968
        temeculaguy
        Participant

        I don’t know the process of a second foreclosure but isn’t the threat of having to move on short notice reason enough to leave now and set up somewhere more stable. Forget the “what you might get for free” and just bail after you’ve gotten the time you have paid for. Don’t pay the January rent and move in January, give them notice now. I think that whatever lease you are in has been broken by them a few times over. Regardless of the procedure, if your landlord doesn’t pay for the house, eventually it isn’t his house. A Sept. NOD means time is running out anyway, there are only a few months left, just take your dollars elsewhere.

      • December 22, 2007 at 2:10 PM #122990
        temeculaguy
        Participant

        I don’t know the process of a second foreclosure but isn’t the threat of having to move on short notice reason enough to leave now and set up somewhere more stable. Forget the “what you might get for free” and just bail after you’ve gotten the time you have paid for. Don’t pay the January rent and move in January, give them notice now. I think that whatever lease you are in has been broken by them a few times over. Regardless of the procedure, if your landlord doesn’t pay for the house, eventually it isn’t his house. A Sept. NOD means time is running out anyway, there are only a few months left, just take your dollars elsewhere.

      • December 22, 2007 at 2:10 PM #123047
        temeculaguy
        Participant

        I don’t know the process of a second foreclosure but isn’t the threat of having to move on short notice reason enough to leave now and set up somewhere more stable. Forget the “what you might get for free” and just bail after you’ve gotten the time you have paid for. Don’t pay the January rent and move in January, give them notice now. I think that whatever lease you are in has been broken by them a few times over. Regardless of the procedure, if your landlord doesn’t pay for the house, eventually it isn’t his house. A Sept. NOD means time is running out anyway, there are only a few months left, just take your dollars elsewhere.

      • December 22, 2007 at 2:10 PM #123065
        temeculaguy
        Participant

        I don’t know the process of a second foreclosure but isn’t the threat of having to move on short notice reason enough to leave now and set up somewhere more stable. Forget the “what you might get for free” and just bail after you’ve gotten the time you have paid for. Don’t pay the January rent and move in January, give them notice now. I think that whatever lease you are in has been broken by them a few times over. Regardless of the procedure, if your landlord doesn’t pay for the house, eventually it isn’t his house. A Sept. NOD means time is running out anyway, there are only a few months left, just take your dollars elsewhere.

    • 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 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 #123044
      Anonymous
      Guest

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

    • December 23, 2007 at 8:41 AM #123139
      The OC Scam
      Participant

      Marion,

      The foreclosure process can take a long time. In my case the first defaults came after 4-5 months no payments by the owner in March 06 and the auction didn’t occur until September 07.

      In todays declining market the house will take atleast 6 months to sell even if it is priced low.

      Our home had a second and first however the first loan holder paid off the second loan at the auction.

      • December 24, 2007 at 6:34 AM #123455
        moneymaker
        Participant

        It seems to me that when equity is quickly disappearing whoever owns the second should go for a lien rather than foreclose. Does this make sense?It may take longer to get the money, but wouldn’t the first have to pay off the second’s lien in order to take possession in a foreclosure.

      • December 24, 2007 at 6:34 AM #123601
        moneymaker
        Participant

        It seems to me that when equity is quickly disappearing whoever owns the second should go for a lien rather than foreclose. Does this make sense?It may take longer to get the money, but wouldn’t the first have to pay off the second’s lien in order to take possession in a foreclosure.

      • December 24, 2007 at 6:34 AM #123627
        moneymaker
        Participant

        It seems to me that when equity is quickly disappearing whoever owns the second should go for a lien rather than foreclose. Does this make sense?It may take longer to get the money, but wouldn’t the first have to pay off the second’s lien in order to take possession in a foreclosure.

      • December 24, 2007 at 6:34 AM #123679
        moneymaker
        Participant

        It seems to me that when equity is quickly disappearing whoever owns the second should go for a lien rather than foreclose. Does this make sense?It may take longer to get the money, but wouldn’t the first have to pay off the second’s lien in order to take possession in a foreclosure.

      • December 24, 2007 at 6:34 AM #123703
        moneymaker
        Participant

        It seems to me that when equity is quickly disappearing whoever owns the second should go for a lien rather than foreclose. Does this make sense?It may take longer to get the money, but wouldn’t the first have to pay off the second’s lien in order to take possession in a foreclosure.

    • December 23, 2007 at 8:41 AM #123288
      The OC Scam
      Participant

      Marion,

      The foreclosure process can take a long time. In my case the first defaults came after 4-5 months no payments by the owner in March 06 and the auction didn’t occur until September 07.

      In todays declining market the house will take atleast 6 months to sell even if it is priced low.

      Our home had a second and first however the first loan holder paid off the second loan at the auction.

    • December 23, 2007 at 8:41 AM #123310
      The OC Scam
      Participant

      Marion,

      The foreclosure process can take a long time. In my case the first defaults came after 4-5 months no payments by the owner in March 06 and the auction didn’t occur until September 07.

      In todays declining market the house will take atleast 6 months to sell even if it is priced low.

      Our home had a second and first however the first loan holder paid off the second loan at the auction.

    • December 23, 2007 at 8:41 AM #123367
      The OC Scam
      Participant

      Marion,

      The foreclosure process can take a long time. In my case the first defaults came after 4-5 months no payments by the owner in March 06 and the auction didn’t occur until September 07.

      In todays declining market the house will take atleast 6 months to sell even if it is priced low.

      Our home had a second and first however the first loan holder paid off the second loan at the auction.

    • December 23, 2007 at 8:41 AM #123387
      The OC Scam
      Participant

      Marion,

      The foreclosure process can take a long time. In my case the first defaults came after 4-5 months no payments by the owner in March 06 and the auction didn’t occur until September 07.

      In todays declining market the house will take atleast 6 months to sell even if it is priced low.

      Our home had a second and first however the first loan holder paid off the second loan at the auction.

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