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2nd mortage lender with others on note

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surf3p0

Junior Member
Can a person who is a 2nd mtge note holder having a minority position with others on the same note file for foreclosure if the note is delinquent? Even if the others don't? The apartment property is in Ohio. Thanks.
 


O

OK-LL

Member
surf3p0 said:
Can a person who is a 2nd mtge note holder having a minority position with others on the same note file for foreclosure if the note is delinquent? Even if the others don't? The apartment property is in Ohio. Thanks.
Click to expand...
Yes, any or all noteholders, first mortgage or 2nd mortgage, may foreclose on the note if the terms are violated. You may afterward have to sue your co-holders if you want contribution for the unrecoverable costs related to the foreclosure, and they may sue you for their portion of the proceeds of the foreclosure.
 
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