Mortgages Debt Forum

Mortgage Forum


Foreclosure on seller finance second lien

This is a topic titled Foreclosure on seller finance second lien made in the Mortgage Talk section, belongs to our Mortgage Chat category; I bought a property for $135,000 and then sold it for $179,000 with 12% seller financing. The buyer is in bankruptcy chapter 13 now (4 years after the ...








Go Back   Mortgages Debt Forum > Mortgage Chat > Mortgage Talk

Members List Search Today's Posts Mark Read
Old April 29th, 2008, 08:15 AM   #1
Mike
Senior Member
 
Registered: Apr 2008
Posts: 1,497
Default Foreclosure on seller finance second lien

I bought a property for $135,000 and then sold it for $179,000 with 12% seller financing. The buyer is in bankruptcy chapter 13 now (4 years after the sale) but they have not listed the secondary lien (seller finance) in the BK. I don’t want the 1st lender to foreclose on the property. But how do I go about satisfying the 1st lien and then foreclose on the second thereby regaining the title. The current property value is round $210,000.
Mike is offline   Reply With Quote


Powered by vBulletin® Version 3.7.5