Reefermike Posted March 23, 2018 i have a 80/20 loan to start with. A while back i lost my job and then had to take another that paid substantially less then i was making.The area i live was hit pretty hard during the financial crisis. The state had a grant oppurtunity to help homeowners stay in their home . I was approved and all was good. What i did not know was the program was taking care of the first mortgage but not the second. Recently i received a summons to court for evection. It said the company had forclosed in November of last year on the second . Mind you the first is up to date. I called the company that has the 1st and verified that yes my next payment due april 1. My question is can the 2nd foreclose and have me evicted when i still pay the 1st? in addition i have a collection company that just sent me a bill for the 2nd. Which i can pay. However they are 2 different companies . I was told they were sister companies . I think they are the collector for the 2nd mortgage company. Ideas Quote Share this post Link to post Share on other sites
breeze Posted March 23, 2018 i have a 80/20 loan to start with. A while back i lost my job and then had to take another that paid substantially less then i was making.The area i live was hit pretty hard during the financial crisis. The state had a grant oppurtunity to help homeowners stay in their home . I was approved and all was good. What i did not know was the program was taking care of the first mortgage but not the second. Recently i received a summons to court for evection. It said the company had forclosed in November of last year on the second . Mind you the first is up to date. I called the company that has the 1st and verified that yes my next payment due april 1. My question is can the 2nd foreclose and have me evicted when i still pay the 1st? in addition i have a collection company that just sent me a bill for the 2nd. Which i can pay. However they are 2 different companies . I was told they were sister companies . I think they are the collector for the 2nd mortgage company. Ideas Welcome to CB! Help is on the way. Quote Share this post Link to post Share on other sites
IndyPoolPlayer Posted March 24, 2018 Yes, a junior lien (which a second mortgage is, just like HOAs or other assorted attachments) can move to foreclosure. The superior lien (primary mortgage) is always paid first. If the junior lien is moving to foreclosure, they must think there is enough equity in the home to pay off the primary mortgage and something for themselves too. Are either of these FHA and have PMI? Quote Share this post Link to post Share on other sites
nosup4u Posted March 24, 2018 didn't you get notices on the foreclosure? That is law Quote Share this post Link to post Share on other sites
tiggerlgh Posted March 24, 2018 didn't you get notices on the foreclosure? That is law How they notify varies by state. It’s all very state and in some cases district specific. Quote Share this post Link to post Share on other sites
Analysis Posted March 25, 2018 They can, but they likely will not, unless the home appears to be packed with equity. I don't see any mention of equity estimates, but it ain't cheap to foreclose. Quote Share this post Link to post Share on other sites
tiggerlgh Posted March 25, 2018 OP what state are you in? Quote Share this post Link to post Share on other sites
Reefermike Posted March 25, 2018 i live in mississippi, i owe 90K on the 1st and the 2nd 21k. total 1s 111k. If a house like mine were listed it would list for 120. last year one identical to it foreclosed, the investor told me he got it for 50k. The notice said the foreclosed in november . I did not receive notice but i have been out of the country since september. Now i just received a bill last week from FCI on this but Partners for Payment Relief is who said they foreclosed in november. The 1st mortgage i called and is still billing to me with a payment due april 1. i have enough money to pay FCI what back balance there is. At this point i am trying to get my options. Should i call to see if the 1st was notified and why the 2nd did not let me know so i continued to pay the 1st for 5 months. From what ia was told FCI and PPR are affiliated somehow. I just need to get in front of this. TIA Mike Quote Share this post Link to post Share on other sites
tiggerlgh Posted March 25, 2018 Mississippi is a non judicial state their notifications were in local news papers. It does have a six month right of redemption period you can pay off all that is due in that period and keep the house. I would read up on their laws then start talking to them. Who was servicing your second mortgage? Quote Share this post Link to post Share on other sites
Reefermike Posted March 25, 2018 partner for payment relief but i am receiving a bill from FCI Quote Share this post Link to post Share on other sites
DollarDog Posted March 25, 2018 Who's been living in the house since September 2017? Quote Share this post Link to post Share on other sites
Reefermike Posted March 25, 2018 my disabled wife has been there Quote Share this post Link to post Share on other sites
DollarDog Posted March 25, 2018 my disabled wife has been there Has her caretaker been ignoring the mail? Quote Share this post Link to post Share on other sites
Reefermike Posted March 26, 2018 my wife has intractable epilepsy. She can still get the mail from the box There was none that stated the foreclosure. But alas we are getting off tract. My question is what can be done at this point. I have the money to bring it current. I just want to go about it the right way . As stated i got a notice from the sheriff that stated i refused to leave, when in fact i never even knew about it . I also received a bill from FCI on said account that states the amount due . My question is doing pay FCI and take a chance that i will be out the money and the house will goto PPR. Quote Share this post Link to post Share on other sites
ICANHASMUNY? Posted March 26, 2018 I think you better find a lawyer go down to the courthouse and get copies of all the paperwork filed find out where they have been sending notices to Quote Share this post Link to post Share on other sites
tiggerlgh Posted March 26, 2018 (edited) Ican this is a non judicial state. There won’t be a case at the court house. The notifications will be in local newspapers. OP you need to talk to who was servicing your second lien ASAP. You have a 6 month redemption period. Edited March 26, 2018 by tiggerlgh Quote Share this post Link to post Share on other sites
Kuuner Posted March 26, 2018 If you have six months redemption, it isn't to bring it current, it's to pay it off. I would beg borrower cheat lie and steal to do it if I were you. Also, The senior doesn't HAVE to be notified. They don't even care if they are as their lien survives. Whether you got the notice or knew or not, will not be important. What will be important is that the foreclosing entity has documentation they sent notice, not that you received notice. I can't see someone foreclosing in 2nd position with that tight of an equity position. While it sucks you were paying for five months to the senior, after you were foreclosed, I don't see anything improper. Someone has to pay the senior and if you weren't paying them, you'd be paying rent. If you weren't paying them, the junior that foreclosed would. It all sounds shady though, especially if the 1st and 2nd might be affiliated. I'd lawyer up to at least see if there is any connection. Quote Share this post Link to post Share on other sites
ICANHASMUNY? Posted March 26, 2018 Ican this is a non judicial state. There won’t be a case at the court house. The notifications will be in local newspapers. OP you need to talk to who was servicing your second lien ASAP. You have a 6 month redemption period. no, it's not just non judicial it's either or depending on the note, just like AZ Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines". Quote Share this post Link to post Share on other sites
tiggerlgh Posted March 26, 2018 Ican this is a non judicial state. There won’t be a case at the court house. The notifications will be in local newspapers. OP you need to talk to who was servicing your second lien ASAP. You have a 6 month redemption period. no, it's not just non judicial it's either or depending on the note, just like AZ Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines". Ok you are correct not all are non-judicial but the VAST majority are there. Based on what OP has posted I would bet money it was a non-judicial foreclosure like most are there. Quote Share this post Link to post Share on other sites
Reefermike Posted March 26, 2018 (edited) i have the money to pay the entire debt off, while i would prefer not to let loose of that much money. i could do so, and i will if they would let me. Issue is the house at a breakeven place after more then 10 years. if sold today i may or may not loose, gain or breakeven. it would depend on the buyer. Edited March 26, 2018 by Reefermike Quote Share this post Link to post Share on other sites
Kuuner Posted March 27, 2018 i have the money to pay the entire debt off, while i would prefer not to let loose of that much money. i could do so, and i will if they would let me. Issue is the house at a breakeven place after more then 10 years. if sold today i may or may not loose, gain or breakeven. it would depend on the buyer. If you have the money then it's more of a "What do you want to do" situation than, "What do you have to do". That's a good position to be in considering most people are not in that position of having options. If its a place your family knows as home, who cares if you make money, unless it's not a family home and all you care about is the money aspect. If that's the case, well, it's your decision. I'm sure you'll do a cost benefit analysis. I'm sure you've already considered the credit aspect. I'm sure you are considering the health impact this forced move may have on your ailing wife. Good luck with your decision. Quote Share this post Link to post Share on other sites
ICANHASMUNY? Posted March 28, 2018 Ican this is a non judicial state. There won’t be a case at the court house. The notifications will be in local newspapers. OP you need to talk to who was servicing your second lien ASAP. You have a 6 month redemption period. no, it's not just non judicial it's either or depending on the note, just like AZ Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines". Ok you are correct not all are non-judicial but the VAST majority are there. Based on what OP has posted I would bet money it was a non-judicial foreclosure like most are there. well if they sent the sheriff out with an eviction notice, something went thru court. Quote Share this post Link to post Share on other sites
Kuuner Posted April 2, 2018 Ican this is a non judicial state. There won’t be a case at the court house. The notifications will be in local newspapers. OP you need to talk to who was servicing your second lien ASAP. You have a 6 month redemption period. no, it's not just non judicial it's either or depending on the note, just like AZ Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines". Ok you are correct not all are non-judicial but the VAST majority are there. Based on what OP has posted I would bet money it was a non-judicial foreclosure like most are there. well if they sent the sheriff out with an eviction notice, something went thru court. Yeah...could be just the eviction that went to court and not the foreclosure. if the foreclosure was judicial, you are still gonna use a sheriff for the eviction piece. Quote Share this post Link to post Share on other sites