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Updated almost 17 years ago,
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.