2nd mortgage not being paid ?

[stpbuzz]

we had a clean title on a cafe and a mobilehome on 3 lots,and sold it,
let a mortgage co. take 1st mortgage, and we took a 2nd mortgage,
now we're not getting nothing,

she still owes about $26,000 to mortgage co, and $25,000 to us, but not paying us**************

what should we do ?

buzz

[Some Random Guy]

foreclose on the property, pay off the mortgage company, take up to 25,000 of what is left over.

Don't lend money unless you know how to -and are willing to - get your money back.

[stpbuzz]

[quote=Some Random Guy]

foreclose on the property,
(will it do any good)

pay off the mortgage company,
(dont have the $)

(it's a hard sale, cafe in the middle of nowhere, might only bring $25,000 unless ya sit on it for how long waiting for the right person?....)


take up to 25,000 of what is left over.

(this is the second time we've sold it.)
(dont want it back again but want $ if not to much a problem,.)

(so in other words a 2nd mortgage, promisary note, escrow, means nothing, huh?)

THANKS FOR ANY REPLYS
buzz

[Some Random Guy]

(so in other words a 2nd mortgage, promisary note, escrow, means nothing, huh?)

A second mortgage is only as good as the equity you have in the property secured by the note.

[LindaP777]

Originally Posted by Some Random Guy

A second mortgage is only as good as the equity you have in the property secured by the note.

Sums it up perfectly!