I recently requested a loan modification from the 1st, the 2nd just posted Notice of Trustee Sale?
capitola1 asked:
The 2nd said they do not want to wait on the 1st to decide what happens?
Loan Modification FAQ
The 2nd said they do not want to wait on the 1st to decide what happens?
Loan Modification FAQ
Did you enjoy this post? Why not leave a comment below and continue the conversation, or subscribe to my feed and get articles like this delivered automatically to your feed reader.
The 2nd TD holder has no obligation to do anything. If you don’t pay them they can foreclose even in you make the 1st lien payments on time. Or vice versa (2nd on time, but 1st is past due).
If you are 2nd lien holder and you know the borrower is shakey on the 1st I could see why they want to foreclosure now intead of a year from now when values drop and they get squat (1st lien is first in line when home is sold through foreclosure).