Skip to main content

Question - First Mortgage dismisses case but Second Mortgage forecloses and sells property, what are the implications?

So I'm looking into investing in a condo that is up for sale on my county's website. I searched into the history of the property and there are two mortgages. The first one being a bank and they did indeed start foreclosure proceedings but then decided to "de-accelerate the loan, withdraw its prior demand for immediate payment of all sums secured by the security instrument and re-institutes the loan as an installment loan." The case then closes. I'm not sure the reason for this but it does seem like there were some responses by the HOA/community association and second mortgagor stating their claims were higher than the banks' claim on the property and perhaps the bank withdraw their foreclosure for this reason(although it doesn't make sense to me but thats all there is to go with on the court history)?

However there is a second mortgage that's worth about 10% of what the first mortgage is worth. The owner of this mortgage also foreclosed on the property and is what is causing the property to go up for auction. So my question being, if I buy this property, it seems I'm also assuming the payments for the first mortgage?

Hope this question makes sense - don't want to go buying a property in case I still have to pay more in the future.

submitted by /u/runner292
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ko38g1/question_first_mortgage_dismisses_case_but_second/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more