Purchased 2nd @ The Court House, Now Having Problems
Hello,
I just need some advice. I purchased prop at the court house. this was a Trustee sale. Thinking I was purchasing the 1st, I actually purchased the 2nd. Now I have a couple of questions... What Can I do with the 2nd? The person who lives in the house is now filing ch13 bankruptcy so there goes the 1st. What would be the best thing for me to do. Only owning the 2nd am I allowed to go after him to pay money on the 2nd? Am I now partial owner of the prop? As you can see I'm new at this, please give me as much info as possible. Thanks
Reggie
What a learning expirience! I don't know all the answers but you may be able to purchase 1st now and then you will own the prop. a 2nd usually gets wiped out in forclosure and BK, so it is not advisable to buy them from the auction. Keep looking for a way to save your rear, but you may be in a lot of trouble now. Good luck
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How much did it cost you and how much is the property worth?
Ryan
Hi jpchapboy,
What are some law regarding 2nd mort. in general? 1st get first and then 2nd, 3rd.
Quote:
On 2004-09-23 17:16, jpchapboy wrote:
What a learning expirience! I don't know all the answers but you may be able to purchase 1st now and then you will own the prop. a 2nd usually gets wiped out in forclosure and BK, so it is not advisable to buy them from the auction. Keep looking for a way to save your rear, but you may be in a lot of trouble now. Good luck
If I understand you correctly, you purchased a house at a Trustee's Sale and it was the second that was foreclosing. If this is so, then you own the house. There is no second since it was removed by the Trustee's Sale, however, there is still the first. The house is not in the estate of the former owner-- it is yours. If there are delinquencies on the first, you should be able to cure these and continue making payments on the first. It would seem that your next step is evict the person in the house.
edmeyer is right, you own the house subject-to the 1st so you will need to make the 1st current.
File the Trustee's Deed that you should have received within 10-days from the Trustee who held the auction. If you didn't get it, call them immediately and let them know that time is of the essence. You need to file the trustee's deed within the grace period following the sale, generally 10-days to get credit for the trustee sale date, otherwise their bankruptcy filing could cause problems if you file your trustee's deed afterwards.
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