Posted on: 12th Nov, 2010 06:02 am
My father is in the mortgage indusry, and helped me get a loan in 2008. he has a lien on my property for 75k, which he said he would get if i ever sell the property. My first mtg. is for 520k and in good standing. My father and I had a big falling out, and now says he is going to foreclose on the lien and take over the first and take my home. is this possible.
It will depend on how he has recorded the second lien. If it is just a lien and you are not making payments on it then most likely the only thing he could do is a file a judgment against you. The first mortgage would not allow a second lien holder to take position he would have to buy out the 1st lien so unless he has the ability to pay off the 1st lien then he has no right to claim ownership. Is he on title to the property?