What about the second

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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?

Follow Ups:

• Re: What about the second - Nick(Colorado) 12:55:52 02/20/03 (0)
• Watch out how you take title to the property now. (url) - Ward-CA- 10:32:24 02/20/03 (0)

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: 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?


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