Sorry to hear you are having this problem! Do you want the property back and are willing to and can pay the first off? Is there equity in the home when you pay the first off? My guess is that the home owner is upside down and hence you may indeed be getting the short end of the stick!

The process is a little less than 4 months once you file and you will want to file soon if you want the process to get started..

I would talk to a good local attorney that can assist you in this matter or Foreclosure specialists.

The question I would ask myself is...#1 Do I have the money to pay the first off? #2. Do I want the property back and if I take it back can I re-sell it or rent it out for a break even or not?

I am happy to recommend a great attorney to you should you need a referral?

Best of luck to you,

Rick

No matter you would have to talk to an attorney to do the foreclosure so it makes sense to contact the same attorney for your options. It is my opinion, if you foreclose on the property and go to sale, the winning bidder at the sale will be purchasing the property to the first. However, who ever wins the bid is the owner of the property subject to the first mortgage. Once the foreclosure sale happens on the second, the first can inforce the due on sale clause forcing you or the winning bidder to pay off the first. The other question is with the second note is there recourse or not to the mortgagor? If there is a possible deficiency you might be able to get the borrowers attention. There is a judicical and non judicial foreclosure process in california and you should discuss with the attorney. The non judical process is done quicker than the judicial process.


Good Luck


Keith Manson
First Weber Group
Certified Distressed Property Specialist

It sound like that the borrower has kept current on the first and not with you on the 2nd. Of course, you can go to foreclosure but you will have to pay off the first with the proceeds and anything left would go to you. There is were you have the problem.

It sounds like the borrower may be experiencing some financial issues. I would call them first to find out what the problems are then attempt to work out through those issues to get him current again. That may be a better option than foreclosure for you. Of course, seek further consultation from your attorney.

You need to speak with the Foreclosure Specialists located in Redding. Their phone number is in the book. They helped me in a similar situation. Or, speak to a real estate attorney who can advise you properly.

I'm sorry to hear your situation. There's no quick foreclosure. But even if it forecloses, you might not get anything because you are on 2nd position, so when it sells at auction, the first get their loan and if anything remains then you will get but most probably as I said you will not get anything. I dont know, may be you can check with the 1st lien holder or consult with your attorney on what to do or how to get your money.