Posted by B.L.Renfrow on July 08, 2003 at 20:10:12:
If the first foreclosed presumably your second was eliminated? If so, the security interest is no longer present, but the debt may remain valid. You should discuss this with an attorney familiar with NC law, who can immediately advise you what your options are.
Brian (NY)
defaulted 2nd, 1st foreclosed - Posted by luke-NC
Posted by luke-NC on July 08, 2003 at 16:31:28:
I hold a 2nd mortgage on a property and the 1st foreclosed some months ago, so I cannot collect from the property. The borrower is long gone. Can I get a judgement on them? I’m in a deed of trust state w/ non-judicial foreclosure.
Re: defaulted 2nd, 1st foreclosed - Posted by wpage
Posted by wpage on July 09, 2003 at 09:47:14:
luke - nc Why did you wait until the bank foreclosed. I am certain that you would have been notified of the pending foreclosure. As a 2nd. mortgage holder you had the opportunity to clear the default and pick up the property with the 1st. mortgage in place. Now that it is foreclosed you might try negotiating to buy from the bank. As far as collecting from the debtor it might cost you more than it is worth. good luck