Need help in answering a Mortgage Lien question?
I put a lien on this guys house for 50K and since then he will lose his house in 9 days. WILL I EVER GET MY MONEY BACK given the situation… Please see detail….. The sellers mortgage lien on the property was $476,000 with America Wholesale Lenders. The property went to the Sheriff Sale in April of 2008. The property was purchased at the Sheriff for $391,500 with MERS (Mortgage Electronic Registar Services). The sellers have a six month redemption period after the Sheriff Sale (end date 10/10/08). If the sellers cannot bring to the table the balance of the mortgage lien within six months, at that point the bank/lender will own the property.
That’s the risk of being in second position; if the senior lien defaults, you lose. You will never see it unless you want to pursue a court case. Hire a good attorney, get your paperwork in order and maybe you can win that way. Now collecting is a different matter.
Good luck.
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