1st and 2nd lien holders

Posted on: Wed, 08/17/2011 - 03:32

mcar1254

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1st and 2nd lien holders

I have a preforeclosure property that I want to lock up with the first lien holder(bank), there is also a 2nd lien on property with a different bank. My question is if 1st lien holder can foreclose on property what is the outcome for the 2nd lien holder and would I be responsible for the 2nd lien on property? ARV = 124,000 1st lien = 54,000 2nd lien=32,300

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by mcar1254
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Posted on: Wed, 08/17/2011 - 03:58 #1

michaelmangham

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Mel

Why don't you call a title company and ask? The short answer is yes. Also, if it is a pre foreclosure you will "lock it up" with the owner, The bank does not own a pre foreclosure property.

Michael Mangham
MD Home Acquisitions LLC

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1st and 2nd lien holders

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