2nd mortgage

[llgrigg]

IdahoWhat is the name of your state?

In a state of generosity, I loaned an individual 7500 dollars to cure their arrears in a foreclosure case, I recorded the loan with the county as a lien
on their property. The individual's equity in the home is about 23,000. The
property is worth about 60000. The couple is recently 3 payments behind on
the loan. They are currently current on the 1st mortgage. Is it possible
for me to pay the first mortgage without their permission in order to gain a
first mortgage position? Would I have to foreclose on them and follow the
regular foreclosure proceedure for the state of Idaho?
anyother strategies would be appreciated. thank you
llgrigg

 

[HomeGuru]

IdahoWhat is the name of your state?

In a state of generosity, I loaned an individual 7500 dollars to cure their arrears in a foreclosure case, I recorded the loan with the county as a lien
on their property. The individual's equity in the home is about 23,000. The
property is worth about 60000. The couple is recently 3 payments behind on
the loan. They are currently current on the 1st mortgage. Is it possible
for me to pay the first mortgage without their permission in order to gain a
first mortgage position?

**A: no because you will never gain a primary position until the fisrt mortgage is paid off in full and released from title. Paying the amount in arrears will make the loan current and the primary and junior mortgage liens will remain in the same position.
*****

Would I have to foreclose on them and follow the
regular foreclosure proceedure for the state of Idaho?

**A: no, you could just go along with the first mortgage forclosure as a third party Plaintiff rather than filing your own separate foreclosure.
*******
anyother strategies would be appreciated. thank you
llgrigg

**A: make a deal with them for you to pay the amount in arrears in exchange for a quit claim deed to the property. Then once that is done, turn around and sell the property.