Posted on: 16th May, 2012 10:53 pm
A manageing agent stole $ 150,000 of rent so we put a third mortage over his home property we all have forclosed on his mortgages the property is worth over 650,000 The first mortage is for $ 380,000 the first mortgagee say they will sell the property for 380,000 which will wipe out our mortage of 150,000 The first & second mortgages are banks the second mortage is for $6,000
can they do this to us. properties in the same beach subdivision of similar size are going for up to $1m but slowly in this climate.
I feel anything under 650,000 is unrealistic & will sell in days what should we do to protect our 150,000
Any advise would be very welcome
regards
Jonathan
[size=9:5d826ac3b4][color=Red:5d826ac3b4][Email address deleted as per forum rules. Thanks.][/color:5d826ac3b4][/size:5d826ac3b4]
can they do this to us. properties in the same beach subdivision of similar size are going for up to $1m but slowly in this climate.
I feel anything under 650,000 is unrealistic & will sell in days what should we do to protect our 150,000
Any advise would be very welcome
regards
Jonathan
[size=9:5d826ac3b4][color=Red:5d826ac3b4][Email address deleted as per forum rules. Thanks.][/color:5d826ac3b4][/size:5d826ac3b4]
Hi delaney,
If the property is sold off for a higher price, then you will be able to recover your debts. Even if that is not the case, then you can still claim your money from them. You can even file a lawsuit or place a lien on some other property of the concerned person.
If the property is sold off for a higher price, then you will be able to recover your debts. Even if that is not the case, then you can still claim your money from them. You can even file a lawsuit or place a lien on some other property of the concerned person.
Depending on your states real estate laws, you may be able to purchase the first and second loans, then foreclose on the properties yourself. In a non judicial foreclosure state, the first mortgage will auction the property to the highest bidder. So if the highest bid is 500k, first person to be paid is the costs for foreclosure to the trustee, then pay the 1st, 2nd ect...If you are concerned you can either bid at the auction, or look into purchasing the first and second and foreclose. Good luck
