Foreclosure in 02703>Question Details

Catira, Other/Just Looking in 02703

I invested money in a balloon mortgage and was made the beneficiary of the loan. I was told the property foreclosed. How do I get my money back?

Asked by Catira, 02703 Mon Feb 20, 2012

I initially received $1250.00 every quarter and I am not receiving it anymore. The loan is until April 2013. Now that the property foreclosed, does that mean I lost my money. What do I do?

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Answers

2
If you were not in a first position you might have lost your investment.
You ned a real estate attorney to ask your question to.

However I am not an attorney.
Here are some things to research and ask an attorney:
1) what position in the line of debts was/is your loan.
2) do your loan docs say anywhere in any paragraph that you request to be notified in the even of a foreclosure by a loan in a position in front of you.
3) if you weren't notified by the foreclosing entity, why not, and do you have any legal remedies .


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0 votes Thank Flag Link Wed Feb 22, 2012
Call an attorney. Your interest in the note probably makes you an owner. Where was your money being sent from?
0 votes Thank Flag Link Mon Feb 20, 2012
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