Can a second mortgage be assigned after it's been charged off?
I'm working a short sale on a house with several liens and judgments attached to it, None of the holders want to release without full payment. I wanted to buy the second and forclose them out of the picture myself but it's been charged off.
Answers (1)
FIRST ANSWER
Omar, typically a charge off is an accounting procedure. A bank must account for current loans and status of those loans. This does not change the legal standing of the loan documents nor it's priority in its claim on the property. Caveat, check with a Real Estate attorney before bidding on a mortgage or lien on a property.
Web Reference: http://www.mikesanders-realty.com
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Answered Mon Jun 15 2009, 08:34 by Lindsey M. Bishop in Stuart
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