Posted by Ed Copp (OH) on May 22, 2000 at 08:21:01:
You say that you are confused and afraid, GOOD. It’s about time this is YOUR problem. You will probably have to solve it. If the underlying lender forces forclosure the chances that he will get all of his money are pretty good (at the sheriff sale). The chances of you loosing all the money that you have put in so far are also pretty good.
You might be able to refinance and get up enough money to pay off the first lender, or you might be able to deal directly with the first lender and purchase his note from him.
In the future it would be a good idea to read the underlying noted on a transaction that you are involved in…ED