Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 17 years ago on . Most recent reply

User Stats

1,601
Posts
43
Votes
Dick Green
  • Residential Real Estate Broker
  • Conroe, TX
43
Votes |
1,601
Posts

Foreclosing On a SEcond Lien

Dick Green
  • Residential Real Estate Broker
  • Conroe, TX
Posted

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.

Loading replies...