| | ||||
Posted by Confused in Michigan on February 20, 2003 at 03:46:30:
My home went to sherriff sale 11/2002 and was purchase by a private investor at sherriffs sale. However I have a second mortgage with a bank that is current. My combined LTV is close to 100%. The purchaser of the first lien is offering me a deal to rebuy my home on land contract. My question is what is the legal status of my second lien? Is it in default? Can I maintain it as is and keep making payments, if I do a land contract with the purchaser of the my first lien. Lastly what risk does this purchaser have from my second lienholder? Are they incumbered by it?
Name : E-Mail : Subject :
Comments: Optional Link URL : Link Title :