Posted by Bill H on October 02, 2003 at 22:57:36:
You can contact the 1st and see if they want to sell. No law against it that I am aware of.
However, I doubt they would sell. If the 2nd forecloses that just means that the 2nd must bring the 1st current and keep it current, etc.
SO, if you are successful in purchasing the 1st what would be your grounds for foreclosure. The note is current, the payments are being received on time, the 2nd probably (do not know where you are) has the right to take it over without you being able to call it under ‘Due on sale’ as they were only acting to protect their position and interest. And: unless you got more money than Century Bank and Better Lawyers it is most probably a losing cause to even try to call it.
THEREFORE; you are now the owner of a 1st TD that you are receiving payments on…no more…no less as I see it.