And when we have "wrath of God" rains once every year or two...well, let's just say both a lake and river on my property form and feed that thing for 24 hours.

@Aaron Yates is a little off in that any deficiency judgement the bank may have claim to, lies with the original owner, not with any buyer at a sheriff sale.If you purchase the $80k second note, highly discounted, say for $2k (as example) you can only foreclose for the amount you paid not the original value of the note.

Meeting starts at 6 pm and we will be on the open-air rooftop (enjoying the views) unless it's raining.

The underwriting agent in question was unwilling, for whatever reason, to admit her judgement was in error, and based on her recommendation the bank declined to proceed with their refinancing and gave us 60-days notice they would be calling the note.

Full possession would be the mortgagee taking back a deed to the property or having a favorable judgement granting possession.

In the example above, insurance covered the suit, but let's say the plaintiffs were awarded a $20M judgement.

Now when I hear my friends talk about certain purchases (mind you, it's not a judgement, because I was JUST like them many years ago), I just think about how that $$ could go towards something that could be building wealth.

A mechanics lien falls off in a year if he doesn't win a judgement, which I dont see in this case as you describe it.

Don't argue with it as arguing is a waste of your time, initiate court proceedings for non payment immediately, gather necessary evidence, set an eviction date...then send her to collections for money owed.....and tighten up your house (electric etc) when vacant. no more BS.I had a headache tenant recently meet my rent court lady at rent court, threatening to rent escrow if I didn't pay him for his supposed bills he incurred as a result of a roof leak (not Niagara falls, more like slowly dripping faucet and only when rain/snow on the roof) the idiot showed my rent court lady a receipt he typed up on his printer for 400 dollars!!

They may choose to not to finish foreclosure and wait for M(1) to foreclose and exerciser their right of redemption.When M(2) chooses to redeem, one of three things happen:(1) M(2) gains the rights equal to that of a third party buyer at auction, if no further redemption occur through expiration, then those rights turn into title.(2) M(2) simply causes the foreclosure judgement to be avoided.