Posted on: 14th Oct, 2008 09:13 am
I hold a number of second liens.
On one of these liens the mortgagor has not paid for a number of months.
Further, he is behind on his first note.
I understand as the holder as the holder of the second I can take a deed in leiu of foreclosure.
Should I take this deed in lieu of and then approach the first note holder, will the first note holder except payments from me? I understand that this is no the norm, but we are in abnormal times.
Second question. Does anybody have paperwork I can copy?
On one of these liens the mortgagor has not paid for a number of months.
Further, he is behind on his first note.
I understand as the holder as the holder of the second I can take a deed in leiu of foreclosure.
Should I take this deed in lieu of and then approach the first note holder, will the first note holder except payments from me? I understand that this is no the norm, but we are in abnormal times.
Second question. Does anybody have paperwork I can copy?
Hi AmaKya!
Welcome to Forums!
If you go for a deed in lieu foreclosure for the second one, the first lender will ask you to clear off the earlier note first. You can contact both the lenders and try to go for a loan modification.
Coming to your second question, it is always better to consult an attorney for the paperwork. Copying the paperwork from someone else may not help your cause. Situations may vary from person to person and so the paperwork may also vary.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
If you go for a deed in lieu foreclosure for the second one, the first lender will ask you to clear off the earlier note first. You can contact both the lenders and try to go for a loan modification.
Coming to your second question, it is always better to consult an attorney for the paperwork. Copying the paperwork from someone else may not help your cause. Situations may vary from person to person and so the paperwork may also vary.
Feel free to ask if you have further queries.
Sussane
Sussane, thanks for the speedy response. This is loan an unusual situation for us as most about transactions are clean and clear. Having consulted now with a number of other people who do what I do, the consensus seems to be that the banks do not want to get it more properly into their portfolios.
What we do is have a signed agreement with the holder of the first, apparently this works, and I will get you know, wherein providing we take over the payments the bank on the first will be happy to continue the transaction. It seems to me, that their security, namely the property, is not affected.
Peter
What we do is have a signed agreement with the holder of the first, apparently this works, and I will get you know, wherein providing we take over the payments the bank on the first will be happy to continue the transaction. It seems to me, that their security, namely the property, is not affected.
Peter
Hi Peter!
Yes, you can definitely sign an agreement with the first holder. You can also involve an attorney in the process to look after the legal details.
Thanks.
Yes, you can definitely sign an agreement with the first holder. You can also involve an attorney in the process to look after the legal details.
Thanks.