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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] DEJA VU! Need some ADVICE! Posted by Wendy on March 25, 2002 at 7:15 PM In Reply to: Implications of Failure to Properly Notice Junior Lien Holder posted by Rob on March 24, 2002 at 4:40 AM : Ward, : In the event a senior lienholder fails to give notice of a foreclosure to a junior lienholder (i.e., the junior lienholder is not made a defendant in the foreclosure lawsuit), and the property is subsequently sold at auciton, what are the junior lienholder's remedies, and, most importantly, what are the implications to the third-party buyer? : Thanks Dear Ward and Rob, This same thing almost happened to me. I wanted to buy a house from the owner- she said her house was in forclosure and thought it was too late and told me to contact the lawyer from her morgage company. To make a long story short: I contacted a lawyer to represent me (this is before I went to this site or even knew what a forclosure was. He told me the auction that the senior lien- holder morgage company was about to do was not valid because the lawyer had made a "boo-boo" and "forgot" to include a junior $29000 morgage lien. My lawyer, seeing how utterly GREEN I was in this business tried to get me to buy the senior note so he could do the forclosure for me. When I asked him what the advantage was over waiting for the auction, he had no reply. He told me if I did not buy the note, the senior morgage co would have to file for an amended petition just as we would have, and give the 2nd morg. 60 days right to redeem and the process would take about 4-5 mos. I declined and have been waiting for the auction about 3 weeks. Then, last night, a light bulb went off- TAX DEED. There are about 2 yrs. back taxes on the senior morgage- may be the lawyer is just waiting for the tax deed auction so he does not have to do the forclosure again??? There is something stinky here- the lawyer for the morg co. and mine know each other. Am I missing something? Any one have any advice? Follow Ups: Re: DEJA VU! Need some ADVICE! Bobby Taylor 2:52 PM, 02/08/11 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : In the event a senior lienholder fails to give notice of a foreclosure to a junior lienholder (i.e., the junior lienholder is not made a defendant in the foreclosure lawsuit), and the property is subsequently sold at auciton, what are the junior lienholder's remedies, and, most importantly, what are the implications to the third-party buyer? : : Thanks : Dear Ward and Rob, : This same thing almost happened to me. I wanted to buy a house from the owner- she said her house was in forclosure and : thought it was too late and told me to contact the lawyer from her morgage company. To make a long story short: : I contacted a lawyer to represent me (this is before I went to this site or even knew what a forclosure was. : He told me the auction that the senior lien- holder morgage company was about to do was not valid because the lawyer : had made a "boo-boo" and "forgot" to include a junior $29000 morgage lien. My lawyer, seeing how utterly GREEN I was in this business : tried to get me to buy the senior note so he could do the forclosure for me. When I asked him what the advantage was over waiting for the auction, he had no reply. : He told me if I did not buy the note, the senior morgage co would have to file for an amended petition just as we would have, and give the 2nd morg. 60 days : right to redeem and the process would take about 4-5 mos. I declined and have been waiting for the auction about 3 weeks. Then, last night, a light bulb went off- TAX DEED. There are about : 2 yrs. back taxes on the senior morgage- may be the lawyer is just waiting for the tax deed auction so he : does not have to do the forclosure again??? There is something stinky here- the lawyer for the morg co. and mine know each other. Am I missing something? Any one have any advice? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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