What are my options as 2nd Mortgage holder when delinquent?

Question

In Florida, I hold a 2nd mortgage for an individual who is 2 months behind in payments. What are my options regarding Liens?
Can I attach other property or does it have to be the property to which the mortgage pertains?

Answer 1

As a second mortgage holder, the mortgage is the lien. If the property were sold, you would be second in line after the first mortgage is paid off. To gey a lien against some other property, you would need a judgement against the person, and to get that, there's court fees, etc. Sounds like your best bet now is call a lawyer.

Answer 2

Do you mean the buyer is behind in his payments to you, or to the first lien holder?

If to you, you can foreclose, but you'll need to pay off the first lien holder. Then you own the house. If he's behind to the first lien holder, then the first will notify you that they are going to foreclose. You can either pay off the first and you own it, or let them foreclose and then you get nothing. Maybe offer the first lien holder 90% of what is owed them...

Only this property may be encumbered with this mortgage.

If you cannot afford to pay off the first lien holder, consider finding an investor to buy your note (at a reduction) who can then pay off the first and then the investor will own the house.

Answer 3

in case you are able to't get the money for antisocial funds, then you will be forced to take over the funds. in case you do not step in, it truly is going to go adversarial on your credit status. you want to act quick as you do not favor to be antisocial also. you are able to't record a lien, yet you are able to visit the loan employer and do a take over. in case your in good status with your monetary employer, they could assist you connect to different sources. If the first loan holder can't make the funds and also you've were given signed to be 2d loan holder, then it truly is as a lot as you to take over. in case you do not, then both easily one of you'll free.