Posted on: 05th Sep, 2009 04:53 pm
i purchased a farm in puerto rico,assumed a first mortgage with farm credit for 50.000. dollars. paid the seller 40.000 at the time of purchase,paid him also 20.000 on monthly payments.paid farm credit 69.000 on loan. completion of registration could not be done because seller refused. farm credit still holds the first mortgage on the property,but the court returned the property to the second mortgage owner. my attorney went to the court of appeals which ruled in my favor. it went back to court and presently it must be reviewed by a mediator. my question is did the judge have the right to give the property back to the seller when there was a first mortgage assumed by the buyer.total sale price of the property was 130.000.
The court must have judged the whole situation and then decided to give the property to the second lender. However, in most cases, it has been found that the property goes to the first lender as he holds the first lien on the property. In case, if the second lender receives the property, he may be held liable to pay off the dues of the first lender.
the supreme court dictates in my favor-presently a mediator has been appointed-i continued paying the first mortgage-how can i demonstrate that the first mortgage had priority as far as ownership-what laws cover this
[E-mail address deleted as per forum rules. Thanks.]
[E-mail address deleted as per forum rules. Thanks.]
Hi mirta,
The first mortgage will have priority over any other mortgages or liens as it was taken earlier than the others. You can show your mortgage docs to demonstrate that your first mortgage has the priority compared to others.
The first mortgage will have priority over any other mortgages or liens as it was taken earlier than the others. You can show your mortgage docs to demonstrate that your first mortgage has the priority compared to others.