Foreclosure in Fond du Lac>Question Details

Starfire, Home Seller in Fond du Lac, WI

The house I sold and hold a second mortgage on is being foreclosed on. What do I do?

Asked by Starfire, Fond du Lac, WI Sat May 9, 2009

Six years ago I sold a house that I hold a second mortgage on, I just received a summons, stating the house is being foreclosed on.

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Answers

7
The first question is to look at the documents you received to see how much is owed on the property. They review your mortgage and see if there is any equity in the property. If there is equity you will want to work fast and get with an attoney to see how you can stop the foreclosure. If there is no equity, there will not be as much of a rush. You will want to check with the attorney to see what your options are and if there is a way to reserve deficiency rights (if the borrower has assets or ability to pay off some of the debt).

Wish you luck but you will need a professional to assist you in this either way.



Keith Manson
First Weber Group
Certifed Distress Property Expert
Metro Milwaukee
0 votes Thank Flag Link Fri Nov 13, 2009
Cry, then call an attorney to investigate about your representation in the forclosure action.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Fri Nov 13, 2009
Good answer.....find a local real estate lawyer...quickly...
0 votes Thank Flag Link Fri Nov 13, 2009
We Realtors know enough LAW to get someone hurt. I have several answers for you DEPENDING upon circumstance, BUT I A NOT ALLOWED TO GIVE YOU LEAGEL ADVICE. Please contact a good real estate attorney. Ask your banker who is a good real estate attorney, they'll know. It's worth a few hundred dollars to save maybe thousands.
Len Bacon
CENTURY21 Fox Valley
Broker/Owner since 1977
Instructor Moriane Park Technical College, Real Estate Preparation course since 1980.
Investment Specialist since 1982

P.S. Any Licensee that answers your question, run away fast.
0 votes Thank Flag Link Fri Nov 13, 2009
This is not a question any realtor should be answering...call an attorney with significant real estate expertise for your viable alternatives. Good luck...move quickly...the foreclosure bus stops for no one !
0 votes Thank Flag Link Wed May 13, 2009
The first question is there any equity in the property after the first and the second mortgage. Then the next question in the first is covered by equity but the second is not covered at all or only partially covered. If you feel you can save some of your loan, you need to consider foreclosing the second or buying the property at the foreclosure sale. You should see a foreclosure/real estate attorney to look at your options.

Since the foreclosure has already started on the first, you are behind in the foreclosure process so need to evaluate your possible options. Reinstate the first, buy property at foreclosure sale, have the owner do a short sale, or do a foreclosure and see if you can work with first to take their foreclosure process over. But you really need to talk to an attorney.


Keith Manson
First Weber Group
Certifed Distress Property Expert
Greenfield, Wisconsin
0 votes Thank Flag Link Sun May 10, 2009
I would contact a local real estate attorney to start.
Web Reference: http://cindihagley.com
0 votes Thank Flag Link Sun May 10, 2009
The Hagley G…, Real Estate Pro in Pleasanton, CA
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