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03-01-2004, 10:38 PM
| | | | 1st TD holder files foreclosure I hold 2nd
What is the name of your state? Utah
I hold a 2nd TD on a house. 1st TD holder is foreclosing. My question is, If house sells for more than the 1st TD do I get any of the remainder or am I just wiped out because of the 2nd position. Tnx, Jim |
03-01-2004, 10:45 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | | Re: 1st TD holder files foreclosure I hold 2nd
Quote: Originally posted by jemantq
What is the name of your state? Utah
I hold a 2nd TD on a house. 1st TD holder is foreclosing. My question is, If house sells for more than the 1st TD do I get any of the remainder or am I just wiped out because of the 2nd position. Tnx, Jim | **A: it depends on if there are any other liens that have priority position before you. |
03-02-2004, 09:41 AM
| | | | To my knowledge the only lien in front of mine is the 1st TD.
Jim |
03-02-2004, 09:45 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote: Originally posted by jemantq
To my knowledge the only lien in front of mine is the 1st TD.
Jim | **A: did you review a recent title report on the property? |
03-02-2004, 08:45 PM
| | | | No, I haven't seen a copy of the title report. All I have received is a "Notice of defalut and election to sell" from the Trustee. Assuming I am second in line to any other liens and the property is sold for more than the 1st TD holder would I be entitled to any funds in excess of the 1st TD. If so, how should I proceed to make a claim. Tnx, Jim |
03-03-2004, 11:15 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote: Originally posted by jemantq
No, I haven't seen a copy of the title report. All I have received is a "Notice of defalut and election to sell" from the Trustee. Assuming I am second in line to any other liens and the property is sold for more than the 1st TD holder would I be entitled to any funds in excess of the 1st TD. If so, how should I proceed to make a claim. Tnx, Jim | **A: yes, contact the Trustee. |
03-03-2004, 09:45 PM
| | | | Home Guru, Thanks, "Yes" is what I was looking for. Will contact the Trustee. Jim |
03-04-2004, 09:47 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | | Yes. | |
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