I had 2 mortgages, one for 80% and one for 20%. The first mortgage company foreclosed. It was sold. The second mortgage company did not foreclose. Public records now show my name and the new owners name. Do I still own 20% of the house?
2007-10-28 11:12:56 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
* The mortgage really has nothing to do with the house other than as collateral. The mortgage is a contract between you and the lending company. They lent you $$ - you pay it back with interest. The 1st morgagor took the collateral. The 2nd will hound you to the grave for its pound of flesh.
2007-10-28 11:22:21 · answer #1 · answered by Bacse 6 · 0⤊ 0⤋
No, you and the 2nd mortgage holder both lost out when the 1st mortgage was foreclosed. The 2nd mortgage holder's only way to protect their interest would be to pay off the first mortgage holder. Obviously the numbers were not in favor of their doing that so they simply decided to cut their losses and let it go.
Any public record that shows you as an owner is in error and will probably be corrected shortly.
Truth is, with an 80/20 mortgage, your personal ownership position was 0%. And since it appears to have sold for less than the combined outstanding loans, your equity position was less than 0%. Where do you get the idea that you hold a 20% interest??
2007-10-28 11:31:29 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You don't own any portion of the house. The first mortgage company also foreclosed onthe second mortgage compnay when you were sued. Your homeowners association was also probably foreclosed, just in case you owed assessments at the time of foreclosure.
2007-10-28 12:37:50 · answer #3 · answered by mcmufin 6 · 0⤊ 0⤋
no.when the home was foreclosed by the lender in the first position the second lenders position was wiped out.YOU did not own any 20%.The lender in second poosition did and their equity position was wiped out in the foreclosure process.By what flawed thinking did you assume that you had a 20% position of ownership in the property when you obviously obtained a 2nd mortgage and had NO equity yourself in the property?
2007-10-28 11:25:08 · answer #4 · answered by tenacious 1 2 · 0⤊ 0⤋
The second mortgage is wiped out by the foreclosure by the first. Neither you or it has any interest in the property now.
2007-10-28 11:23:32 · answer #5 · answered by Anonymous · 1⤊ 0⤋