Foreclosure question

[TxAngel]

Can a second lien foreclose on a home if the house is currently listed for sale?

[DACMAN]

Any lien holder can foreclose if the borrower is in default regardless whether the house is for sale or not.

[NeedItNow]

You state of residence will determine which lein holders can foreclose on you property. In Texas, only mortgage holders or tax liens are foreclosable. So, someone could not foreclose on a mechanics lien.

 

More specifically to your situation, if a second lien holder were to foreclose, they would have to dispose of the property and satisfy every lien preceeding them in full. Unless you have significant equity in the property, the chances of a second lien holder forcing foreclosure is very slim.

 

Best Regards,

 

Matt

[TxAngel]

There is a mechanic's lien and a deed of trust with a power of sale on the 2nd lien.....

 

Does the SOL even apply to this situation, with it being secured by R/E?????

[NeedItNow]

No, I'm afraid the SOL will not help you in this situation.

 

Matt

[TxAngel]

Drats!!

 

I can't say I didn't try.....LOL