What rights do I have as a second mortgage holder when the borrower redeems their property from the first mortgage holder?

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What rights do I have as a second mortgage holder when the borrower redeems their property from the first mortgage holder?

smith.sussane

Posted on: 28th May, 2011 01:09 pm

we loaned money and hold a second mortgage on a 28 acre piece of ground with a house and barn on it. the first mortgage holder foreclosed but the borrower paid off the 1st mortgager before the redemtion period was up. i did not foreclose on my note. am i now in the first position?

thanks

dave

Total Reply : 2

Hi kasbah!

Welcome to forums!

If the first mortgage has been paid in full, then you will be primary lender. If you haven't received your dues, then you have the rights to foreclose the property.

Feel free to ask if you've further queries.

Sussane

smith.sussane

Posted on: 29th May, 2011 09:15 pm

Thank you very much for your prompt response. I figured this out on my own the other day after I posted and we will be beginning forclosure procedures next week. The mortgagers have actually tried to ceonvey this property out from underneath our mortgage in the past two weeks. We'll unravel it soon.

Thanks Again,

Dave

kasbah

Posted on: 03rd Jun, 2011 01:55 pm

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