Ask Experts Questions for FREE Help!
  Advanced
Register  |  Log in  
   Ask    
 Answer  
  Help  

Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps

At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.

Home > Money & Services > Mortgages   »   holding promisory note for buyer behind 1st mortgage

Answer this Question Ask about Mortgages
 
Question Tools Search this Question Display Modes
Question
 
 
#1  
Old Apr 30, 2008, 08:37 AM
knuckles52
New Member
knuckles52 is offline 		 
Join Date: Apr 2008
Posts: 1
knuckles52 See this member's comment history on his/her Profile page.
holding promisory note for buyer behind 1st mortgage
If buyer defaults on my promissory note.What is my recourse since I am 2nd behind the 1st mortgage?I am asking from the sunny state of Florida.

Reply With Quote
 
     

Answers
 
 
Old May 1, 2008, 12:40 PM   #2  
George_1950
Ultra Member
George_1950 is online now
 
George_1950's Avatar
 
Join Date: Dec 2007
Posts: 2,577
George_1950 See this member's comment history on his/her Profile page.George_1950 See this member's comment history on his/her Profile page.George_1950 See this member's comment history on his/her Profile page.
Send a message via Yahoo to George_1950
Does your note allow you to accelerate and demand payment of all principal? Are you holding a second mortgage? You can elect between suing for each payment in default or demand the payment of all principal and interest owed to you. Also, you could contact the first mortgage holder and offer to purchase the note and mortgage; then you will hold the first and second, and you can foreclose and get the house back.
  Reply With Quote
 
     
 
 
Old May 1, 2008, 03:51 PM   #3  
Fr_Chuck
Christianity Expert
Fr_Chuck is offline
 
Fr_Chuck's Avatar
 
Join Date: Nov 2005
Location: Atlanta GA
Posts: 23,619
Fr_Chuck has disabled reputation
Are they also in default in the first mortage ? Often if the home forcloses, the second mortage holder gets nothing. What does the terms in your loan agreement allow you to do ?

this is why if you are the seller and are going to hold a second, it should never be more than you are willing to risk to lose
  Reply With Quote
 
     
Answer this Question Ask about Mortgages

« Previous Question | Next Question »

Question Tools Search this Question
Search this Question:

Advanced Search
Display Modes
Linear Mode Linear Mode

 
Similar Sponsors

Similar Questions
Question Asker Topic Answers Last Post
holding a mortgage Walhalla Real Estate 4 Jan 8, 2008 06:04 PM
How do I book a home purchase in QB, but holding the note for someone else? imliltink Accounting 0 Jan 2, 2008 10:17 AM
Holding a Mortgage for someone. househunter Mortgages 2 Sep 18, 2007 07:40 PM
collecting a promisory note brockdoc Small Claims 2 Jul 20, 2007 02:21 PM
Promisory Note jaw Bankruptcy & Debt 1 Dec 1, 2005 05:53 AM




Copyright ©2003 - 2007, Ask Me Help Desk.
All times are GMT -8. The time now is 12:16 PM.

Content Relevant URLs by vBSEO 3.0.0 RC6 © 2006, Crawlability, Inc.