Posted on: 15th Jun, 2009 11:53 am
my 2nd mortgagee company did a forclosure by way of a quit claim deed. there was no notification to the 1st mortgagee company. does this make the forclosure invalid?
hello there,
i am not an attorney or advisor but it is my understanding that if the second mortgage foreclosed, then they have to assume the outstanding portion of the first mortgage. i don't believe the notification, or lack thereof, is of any effect.
i'm sorry for your situtation but hope this is of help.
i am not an attorney or advisor but it is my understanding that if the second mortgage foreclosed, then they have to assume the outstanding portion of the first mortgage. i don't believe the notification, or lack thereof, is of any effect.
i'm sorry for your situtation but hope this is of help.
Hi cfidele,
"My 2nd mortgagee company did a forclosure by way of a quit claim deed. there was no notification to the 1st mortgagee company."
I'm not sure how this was possible. The first lender holds the first lien on the property and thus, in case of a foreclosure they have to be paid first. They have the first right to foreclose on the property. Have you talked with the first mortgage company about this?
"My 2nd mortgagee company did a forclosure by way of a quit claim deed. there was no notification to the 1st mortgagee company."
I'm not sure how this was possible. The first lender holds the first lien on the property and thus, in case of a foreclosure they have to be paid first. They have the first right to foreclose on the property. Have you talked with the first mortgage company about this?