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Old 05-14-2006, 10:38 PM
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Join Date: Feb 2006
Posts: 14

second position forclosed

What is the name of your state? Pennsylvania
I currently do some short sales that have only 1 lienholderand this one confused me.
Here is a situation my friends are in. I'm not sure if they underrstand what actually happened.
There is a home that was in foreclosure. The second position was foreclosing. It was approx $500k. My friends bought the first position mortgage ( approx $125k) from the bank.
The second lienholder closed and bought it back at the sherrif sale. Now they ( second position bank) is listed as the owner ( county courthouse records)
The second position lienholder will not negotiate w/ my friends.
Does this sound right?

Thanx
  #2  
Old 05-14-2006, 10:48 PM
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Join Date: Feb 2006
Posts: 14
I think I read the answer in another posting
Net Net Any position can close and take the house. If someone else buys the house from the second lien holder they will have to pay off my friends also

Right?
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