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I have given a 2nd mortgage to the purchasers of my home,it is for a substantial amount, they have not paid . |
the 1st mortgagee does not wish to take action as I believe he is a friend and possible past partner in a law firm ,these persons remain in my house, and I am under the impression that I cannot do a thing about it unless I have the money to buy out his 1st then remove him and place the house back on the market, I do not have the funds to carry out such action as I only have my pension cheques to live off. These persons have done everything to prevent it's resale, even to the point of painting it fire engine red,which reminds me,the fire insurance company has notified me of policy cancelation, they have not paid this.I am not near the location of my house but live several hundred miles away with friends. please help me in this dilema if you can. I agree with Super. You can foreclose on the property without the first one's consent. However, the first one gets paid before you do. So hopefully you are confident that the home will sell for more than is owed enough to cover both loans. You would have every right to seek judgement against them for balance due if it does not cover your loan. As Super said get a real estate lawyer. Get an attorney. Under the law, as the holder of a second... you can foreclosure on your second and take over the first with no qualifying. Have a REAL ESTATE attorney do this for you. |
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