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

You are out of luck.

When the first lien holder forecloses, most other liens get wiped out (there are exceptions).

Put a lien on anyhow. If the owner tries to sell, they will have to pay off your lien before they can sell.

Answer 2

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

Answer 3

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.

Answer 4

I'm not certain about the state of Florida, but many other states determine that only the property to which the mortgage pertains is considered.
You'll want to check with an attorney that specializes in real estate issues.