Foreclosures
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by

1031 Exchanges
presented by

Real Estate Classifieds
Reviews & Feedback
Updated almost 17 years ago on . Most recent reply

Foreclosing On a SEcond Lien
I've got a client that bought a property for $129,000 then sold it for $169,000 with 10% seller financing. The buyers (after 2 -3 years), are in bankruptcy (chapt 13), but have not listed my client, the sub-ordinate lien holder as a claimant in the case. The subordinate lien is on file at the courthouse. I don't want the property to foreclose causing it (the second) to wash out/be discharged.
My question is:
How does he go about satisfying the 1st lien (preferrably short) and forclosing on the second, regaining possesion of the property. The current value of the property is aprox. $200,000.
Thanx in advance for any suggestions.