Question Details

Ruzy, Other/Just Looking in

I currently own the senior lien on a property valued at around $240k. My lien balance is 33% of the estimated value of the property.

Asked by Ruzy, Mon Jul 29, 2013

I am also currently earning a high interest only return as a result of the default, and would prefer to keep the rights to the lien for as long as possible, due to my current loan to value ratio. However, the junior lean on the property which is for about $185k is looking to foreclose and has requested a pay off amount.

Am I required to accept the payoff for my lien in this rather unique situation?

Thanks for your help

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