Newshound
Apr 9, 2009, 11:40 AM
A house I financed is about to go into forcloseure due to another mortgage company who gave buyers a no money down high risk 80/20 loan just to collect thousands in commissions.
I have a recorded land patent on a house I built and filed it at the recorders office in 1998, then I sold the house in 2007 and financed the buyers(partially on the full sale price) with a $200k note;
In order to buy this house, like I said, the buyers took out two other morgages on this same property for more than twice that amount and now can not pay me or their mortages companies.
If I filed a lis pendens on this property, would I be able to then sell this house at auction and keep the proceeds or would I have to take the other two mortgage companies who today also have liens on this same property to court first? And would I have a chance of winning if it went to court?
Exploying my options.
Thanks
I have a recorded land patent on a house I built and filed it at the recorders office in 1998, then I sold the house in 2007 and financed the buyers(partially on the full sale price) with a $200k note;
In order to buy this house, like I said, the buyers took out two other morgages on this same property for more than twice that amount and now can not pay me or their mortages companies.
If I filed a lis pendens on this property, would I be able to then sell this house at auction and keep the proceeds or would I have to take the other two mortgage companies who today also have liens on this same property to court first? And would I have a chance of winning if it went to court?
Exploying my options.
Thanks