2nd lienholder wants to foreclose

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Posted by Nick on December 26, 2002 at 16:45:43:

I sold some property, and carried back a 2nd mortgage for $170,000.00. A bank has a 1st mortgage of $460,000.00. I have received no payments, and want to foreclose on my 2nd mortgage. Can I foreclose without taking out the 1st mortgage. I am very sure the property would go for enough money to cover the 1st, and my second mortgage. The property is worth at least 2 million dollars.The Bank also holds a 3rd mortgage of 1.5 million. My main concern is getting my $170k back, but I cant afford to buy out the 1st mortgage. Any response to this question would be appreciated. Thanks, Nick in South Dakota.

Follow Ups:

• Protecting your junior lien under the Theory of Advances. (url) - Ward-CA- 12:36:52 12/28/02 (0)

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: I sold some property, and carried back a 2nd mortgage for $170,000.00. A bank has a 1st mortgage of $460,000.00. I have received no payments, and want to foreclose on my 2nd mortgage. Can I foreclose without taking out the 1st mortgage. I am very sure the property would go for enough money to cover the 1st, and my second mortgage. The property is worth at least 2 million dollars.The Bank also holds a 3rd mortgage of 1.5 million. My main concern is getting my $170k back, but I cant afford to buy out the 1st mortgage. Any response to this question would be appreciated. Thanks, Nick in South Dakota.


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