2nd Never Recorded Mtg.....Help Me on This One... - Posted by mark

Posted by JD on August 27, 2003 at 11:57:27:

If the 2nd really never recorded their mortgage then it is your lucky day. Do not make any attempts to contact the second. Forget that you ever heard that there might be a 2nd. Reinstate the 1st. Sell the house.

2nd Never Recorded Mtg…Help Me on This One… - Posted by mark

Posted by mark on August 27, 2003 at 10:31:55:

The first is foreclosing at 73K, the house is worth 120k. The 2nd never recorded their 27k equity loan. In the mean time I recorded my new deed as ‘trustee’.

I was going to offer the 2nd $2,500 but before I got the chance they said their records show they are going to ‘charge off’ the loan and take the loss.

Can I now ‘buy out’ or reinstate the first without having to worry about the 2nd or would I be better off making sure they take $2,500 and satisfy their end? I’m especially curious because the 2nd never did record their mortgage.

By the way, this house goes to sale Sept. 8th and I’d like to get it before the sale. Thanks for all ‘speedy’ responses.