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Updated about 7 years ago, 09/16/2017
Question about 2nds and foreclosure
Fellow Note Investors,
When a first lien holder files foreclosure, are they required to notify the other lien holders of the Lis Pendens? Or can they proceed to sale without the other lien holders being notified? Is this a state by state procedure?
I ask because I hold several performing seconds, and I'm looking for a sensible way of protecting my positions short of calling on the firsts/pulling credit every 4-6 months.
Thank you and happy note investing!