our tenant buyer is beeing foreclosed on - Posted by john
Posted by john on May 30, 2007 at 12:07:47:
Any advice from anyone is appreciated:
I have been an investor for a few years but this is the first time this has happened:
The personal house that my wife and I owned we sold on a lease option when we bought a new one. The tenant buyer had been in the home a while and we got him financed for 80% of the value and we took back a $27,000 2nd mortgage.
He had opened a new business and has been paying on it responsibly for 2 years. In our communication with him the past year he had been saying that he was going to refinance and pay us off.
Well, we find out today that he was foreclosed on by the first and it’s already been to the sherrif’s sale.
Now everyone always talks about doing short sales and the 2nd is wiped out but no one ever has advice if you are the 2nd!?!?!?!?
Does anyone know of any recourses we may have to try and collect our money or are best off to say bye-bye to that money and get over it?
Anyone been here???
Hope everyone’s investing is going smoother than this snafu.