I hold a second mortgage on a property that is in forclosure Via a reconveyance comp. What are my options to secure my interest in the property?

Asked by Dave, Portland, OR Wed Sep 21, 2011

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6
Jon Cohen, Agent, Portland, OR
Wed Sep 21, 2011
You have three options - (1) purchase the loan from the foreclosing senior lienholder; (2) pay the past due balance, fees and costs to bring the 1st loan current; and (3) purchase the property at the foreclosure sale for the amount owing to the 1st lienholder. Each of these options must be examined in the context of your particular promissory note and deed of trust. As was mentioned by others, you should contact an attorney specializing in creditor rights and foreclosures to help you develop a plan of action. If I can be of assistance, please contact me.


Jon

Jon Cohen
Real Estate Broker, J.D.
The Portland Home Team
Keller Williams Realty Professionals
9755 SW Barnes Rd. Suite 560
Portland, OR 97225
Tel: 503.720.9393
Fax: 503.336.6185
E-mail: Jon@PortlandHomeTeam.com
Web: http://www.PortlandHomeTeam.com

Combining a lawyer’s experience
with a passion for real estate.
1 vote
Rich Golze, Agent, Vancouver, WA
Tue Nov 1, 2011
Jon Cohen is right and he is an attorney in addition to being a broker!
0 votes
Dave Sutton, Agent, Portland, OR
Wed Sep 21, 2011
Note that Jon is the only one answering (so far) to have a J.D.(that's a law degree) after his name. That gives him the right to dispense legal advice that real estate brokers are specifically forbidden to do.
0 votes
Lana Lavenba…, Agent, Grants Pass, OR
Wed Sep 21, 2011
I dont think you will get your answers here- You need to see an attorney and do something very quickly otherwise you will lose out totally.
0 votes
Tom Inglesby, Agent, Portland, OR
Wed Sep 21, 2011
You need to talk to an real estate attorney. email me and I will give you a name. In short sales the seconds get a max of less than 10% of the second note is what is most common. You might need to step up and buy the first to get the second back. This is what the banks do.

Tom Inglesby,
RE/MAX Equity Group, broker
503-319-9035
0 votes
Donn Rasch, Agent, Clackamas, OR
Wed Sep 21, 2011
One solution is to bring the first current, then you foreclose.

Best Regards,

Donn Rasch
RE/MAX equity group
9200 SE Sunnybrook Blvd., Ste 100
Clackamas, OR 97015
Cell: 503-658-5000
http://www.equitygroup.com/drasch
Web Reference:  http://donnrasch.com
0 votes
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