Purchased 2nd Foreclosed mortgage?

[wooddashman]

What is the name of your state?Florida

Recently purchased a forclosed mortgage that turned out being on second mortgage. Will the title be issued with 1st lienholder still intact? Do I need to satisfy the first lien before taking possesion of the property?

 

[HomeGuru]

What is the name of your state?Florida

Recently purchased a forclosed mortgage that turned out being on second mortgage. Will the title be issued with 1st lienholder still intact?

**A: yes, unless the lender got paid off.
*********

Do I need to satisfy the first lien before taking possesion of the property?

**A: no, but you need to make sure that the first is paid off or agrees to accept monthly payments.

 

[wooddashman]

We will pay the first off. Is there anything else neccesary to be filed so as to have a free and clear title? For instance, it is believed the property is currrently under a rental agreement. Would I be entitled to rental payments, and can I enforce writ of possesion immediately to the renters? Thanks.

 

[HomeGuru]

We will pay the first off. Is there anything else neccesary to be filed so as to have a free and clear title? For instance, it is believed the property is currrently under a rental agreement. Would I be entitled to rental payments, and can I enforce writ of possesion immediately to the renters? Thanks.

**A: you seem to be out of your league here. Go and see a real esatae attorney as it appears that you did not review a survey, title report, get a home and pest inspection etc. And to make matters worse, you are now an instant landlord?

 

[JETX]

Isn't it incredible how some people venture so blindly into this world of secondary financing..... apparently without ANY knowledge or background??

 

[HomeGuru]

Yes, I can't imagine.......

 

[wooddashman]

I am glad I could provide some amusement for the day. This was strictly a small investment property. There is not very much money at risk.

 

[HomeGuru]

I am glad I could provide some amusement for the day. This was strictly a small investment property. There is not very much money at risk.

**A: oh, so you paid $50 for the 2nd mortage, that's fine, But you still need to to pay off the first.

 

[HomeGuru]

Wooddasman, I've got a question, I'm interested in getting into foreclosed homes, or getting them before they're foreclosed or before they go to auction, any suggestions, and we can take this some place else if this isn't the appropriate place.

Thanks,
Dennis

**A: yes, please do take it someplace else.

 

[JETX]

Wooddasman, I've got a question, I'm interested in getting into foreclosed homes

Why would ANYONE want to get 'into' a home that is about to be foreclosed on?? If you did, you would just have to move again!!

 

[nextwife]

Poster, are you also aware that any liens and judgements, etc. that may have already been of record PRIOR to this mortgage would also need to be dealt with? Was a Jr. Mortgagor's title policy issued by that lender insuring not only the position of the mortgage, but that the parties that entered into the mortgage were all the correct parties vested in title? And that any creditors NOT named in the FC action may still have a valid creditors lien? Do you know if a FC title search was done as part of the FC process for the JR Mtg foreclosure?

 

[HomeGuru]

The truth is out there.