You'll be in first position on the note so if the partner defaults you'll have the property to back it up.

I would imagine in most if not all cases that would be out of the question but I don't really get the point of second mortgages from the viewpoint of a lender anyway with the outcome of the borrower defaulting and the position it puts the second mortgage holder in.  

This is one way that a bank can protect itself from having a loan go into default and they get stuck with a property.

Title companies will not automatically award the earnest money to the seller in the case of a purported default.

I have read the statute and added the verbage from the CO Board of Realtors Foreclosure contract to my purchase agreement to be compliant with offering to purchase a home in pre foreclosure (Notice of Default has been sent) The contract mentions a warning to sellers which is in the Foreclosure contract near the end and the form "Notice of Cancellation" The only form I could find is a Notice of Termination. 

Any suggestions on the content of postcard is highly appreciated.SecondTargeting notice of sale VS Notice of defaults.

Should something go haywire and you find yourself unable to make the payments, and you default, the seller (lender) can take his property back, but that’s all!

Or else they couldn't qualify for regular loans so the banks gave them subprime stuff where the rates were so silly there was no way they were ever going to be able to afford the payments when the teaser rates reset.And once all the defaults started, they stopped doing the crazy loans and now you basically dumped a ton of product on the market and eliminated a large swath of what were potential buyers.Perfect storm for a crash.

Hey BP community, I'm looking to get my hands on a Notice of Default list for the 90018 area for a little lead generating.

So you want to buy defaulted motel paper in Nowheretown, Iowa?