Recourse for default on second mortgage? - Posted by Rolfe Kurtyka

Real Estate Investing
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Posted by JPiper on November 09, 2000 at 07:13:40:

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Recourse for default on second mortgage? - Posted by Rolfe Kurtyka

Posted by Rolfe Kurtyka on November 08, 2000 at 20:34:11:

If a borrower defaults on a loan secured by a second position, but remains current on the first mortgage, what recourse does the holder of the second have?

Thanks, Rolfe

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Re: Recourse for default on second mortgage? - Posted by JPiper

Posted by JPiper on November 08, 2000 at 20:47:06:

You could initiate a foreclosure action according to your state law…or you could sue under the terms of the note.

JPiper

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I disagree - Posted by Steve

Posted by Steve on November 08, 2000 at 23:08:04:

I’d love to see him even attempt this suggestion!

Everybody don’t live in Missouri! The people there are so messed up that they elected a “Dead Man” GO FIGURE

Steve

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What exactly… - Posted by David Alexander

Posted by David Alexander on November 08, 2000 at 23:58:45:

Do you disagree with?

If someone is defaulting on your note one remedy is foreclosure.

Another might be to talk to the payor and rework the terms, get a deed in leui of foreclosure, reinstate and have them refinance you out, etc, etc.

David Alexander

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Steve, what planet are you from? - Posted by Bob H

Posted by Bob H on November 08, 2000 at 23:45:39:

Foreclosing and/or suing on the note are exactly the remedies available to the holder of a delinquent mtg or deed of trust in EVERY state.

By the way, I think those folks in Missouri might be on to something - In the state where I live, there have been numerous instances where a dead guy would have been a far more desirable choice than our elected representative!

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Re: Steve, what planet are you from? - Posted by chris

Posted by chris on November 09, 2000 at 09:48:19:

Bob-

And you even used to be able to vote in Chicago if you were dead;-}