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Can my second mortgage foreclose on my home
March 31, 2008
I have just received a foreclosure notice prepared by the the agents for my Second loan, in which they state that they are going to proceed with a sheriff Sale of the property if the arrears is not paid in full. How can they sell the property if they are not the primary lender (which means that they do not have the Deed to the property? Your earliest reply would be most welcome.
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Comments
Second Mortgage Lenders, Tax Collector can foreclose on that loan, yes ma'am .. get the second mortgage current or you might want to consider Chapter 13 to repay the arrearages which will help you keep your home as long as you can pay the first, second mortgage and the monthly arrearage paymetns to the trustee.........discharge your credit card debt at the same time!
I got divorced. my ex husband and I were on the property. my ex husband is now deeded off the property. my ex husband had a sba loan tied to the property to which, i only signed the mortgage, not the note. My first mortgage went to foreclosure, and now I am fixing that. I know nothing about the other lien and its payment status, but can they foreclose on the property anyways if it comes to that?
If you go to refinance into your own name the liens will have to be calculated in on the refi. They would have to be paid off in order to refinance your home.
You need to go to Land Records and find out what those liens are and addressed them fast.
You need to go to Land Records and find out what those liens are and addressed them fast.
That loan should have been addressed in the divorce papers. If it wasn't and it is HIS debt you might think about reopening your divorce judgment and get a court order that he pay that sba loan
It is in your best interest to get to land records to see if he took out anymore loans or caused upaid debt liens secured by the house.
It is in your best interest to get to land records to see if he took out anymore loans or caused upaid debt liens secured by the house.