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?
2006-12-14 10:22:56 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
as a 2nd mortgage holder you can foreclose but must pay off the first mortgage holder. Only that property that is mortgaged is covered. If there is a deficiency you can obtain a judgement, garnishment, etc
2006-12-14 10:29:08 · answer #1 · answered by Jim7368 3 · 0⤊ 0⤋
If you can't get the money for delinquent payments, then you will be forced to take over the payments. If you don't step in, it will go against your credit rating. You need to act fast as you don't want to be delinquent also. You can't file a lien, but you can go to the Mortgage Company and do a take over. If your in good standing with your bank, they may allow you to attach to other property. If the first mortgage holder can't make the payments and you have signed to be second mortgage holder, then it is up to you to take over. If you don't, then both of you will loose.
2006-12-14 10:35:22 · answer #2 · answered by Norskeyenta 6 · 0⤊ 1⤋
I live in Ga. I have had the same problem for years. Don't know exactly what the laws are in Florida. My best advice would be to call your local court house ( Magistrates Office ) and ask them what your procedure should be. If they cannot answer your questions they can steer you in the right direction. I can tell you this. If they tell you that you need to get an attorney, that's a crock. You can take the same legal steps that any attorney can take as the land owner. Even as a second mortgage holder, if you have filed the correct documents It just takes a little persistence and getting really pissed off. I have done it a dozen times. LOL
2016-05-24 05:51:51 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Check your state real estate laws but normally you can only attach the property that the lien is on. You must also make sure that the first is current. The first can foreclose and you are out of the picture due to your second position.
If they are behind on the first it is sometime to your best interest to take the property over and catch the first up or pay it off. That may also depend on your state laws.
2006-12-14 10:31:50 · answer #4 · answered by P S 2 · 0⤊ 0⤋