Sat, Jul 04, 2009
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1st And 2nd Questions?? |
jllaco
179 Posts
Member Since: 05/11/2003
Martinez, GA
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Posted: 21:43 on 07-09-2003
I have a few questions relating to first and second mortgages.
1) if the second is being foreclosed and you are the successful bidder, but the 1st mrtgage is not in default, What happens? Do you both have equal possesion??? WHo has rights to it?
2) If the first is foreclosed on and you win, and there is a second not in default, same questionjs as above, do I know own it and the 2nd mortgage owners move out and I become responsible for the first? Or do all mrtgages have to be foreclosed?
THANKS!!!
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webuyproperties
274 Posts
Member Since: 10/18/2002
Maple Grove, MN
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Posted: 22:16 on 07-09-2003
[quote]
On 2003-07-09 21:43, jllaco wrote:
I have a few questions relating to first and second mortgages.
1) if the second is being foreclosed and you are the successful bidder, but the 1st mrtgage is not in default, What happens? Do you both have equal possesion??? WHo has rights to it?
2) If the first is foreclosed on and you win, and there is a second not in default, same questionjs as above, do I know own it and the 2nd mortgage owners move out and I become responsible for the first? Or do all mrtgages have to be foreclosed?
THANKS!!!
As I understand it, here are the answers to your quesstions:
1st question: no, you will be buying out the 2nd position. In other words, the first lien will be there and may need to be paid off.
2nd question: you pay off 1st mortgage, 2nd moves to 1st position. (Being that you have to pay off the first.)
Hope this helps
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jllaco
179 Posts
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Posted: 07:34 on 07-10-2003
I knew I would become responsible for the outstanding liens, but I was looking for an answer dealing with the fact that the others are not in default. Do I still have the right to go payoff someone elses 1st or 2nd(which ever may be the case) when they are not in default simply because they defaulted on one of their other loans?
example, my neighbor takes out a 2nd mortgage and defaults and is foreclosed. They also have a 1st that they have been paying on for 20 years and is not in default. Does the first have to go into foreclosure before the new owner of the second can acquire the first? Or can the owner of the second immediately payoff the first, and why can he??
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way_motivated
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Member Since: 09/16/2002
Colorado Springs, CO
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Posted: 08:43 on 07-10-2003
in general i believe i works like this
if the 2nd is forclosing and you buy the 2nd's position, the first is still there, you don't have to pay it off you can just make the payments....
if the first is foreclosing, any seconds, thirds, fourths etc.... get wiped off if the property goes to sale, if the 2nd was foreclosing the 3rd, 4th etc... get wiped off and so on and so forth
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jllaco
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Posted: 08:52 on 07-10-2003
Okay, that makes sense! That answers my main question, if the property owner is foreclosed on any of their mortgages, they lose all rights to the property, but other leins may still be against the property. Thanks for your help!
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daveh
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Member Since: 10/04/2002
Rochester Hills, MI
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Posted: 13:43 on 07-10-2003
I agree with way_motivated except that if you have a redemption period in your state, and the first forecloses, the second does not get wiped out until the redemption period expires (6 months here).
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jllaco
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Posted: 13:57 on 07-10-2003
Thanks Dave, I am not aware of any redemption period in GA.
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Stockpro99
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Member Since: 07/01/2003
Salt Lake City, UT
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Posted: 14:00 on 07-10-2003
You must still contract for title or deed with the owner. You cannot go directly to the 2nd holder and "takeover" the property. That is a legal process of foreclosure. You can however make a deal with the owner, the second, and pay off the first (In which case I would ask fo r a discount regardless, it never hurts to ask!)
Randall 
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