Asked by Taza Guru, Sunnyvale, CA • Fri Feb 17, 2012
I am unfortunately the second lien on a sfh property. I have been told the first lien is lagging on payments that he has approached me with two choices:
1. He will be filing a notice of default, the first step of Foreclosure. Under this option I am told that my best interest would be to walk away and let the Notice of Default proceed at which point, my 2nd lien Deed of Trust would simply be removed from the property upon sale. - Is this TRUE???
2. Agree to remove my Deed of Trust from the property without requiring the First Deed of Trust lienholder to file a Notice of Default. Thus saving the First Deed of Trust lienholder time and money. He is pressing me to do this in exchange for a pittance.
3. I can purchase the First Deed of Trust for an agreed upon sum (est. $40,000 or so) and proceed to handle all issues with the property on my own (Foreclosure, Tax Lien, Rubbish Lien, Tenant)
Qs is, if I do not do anything, upon foreclosure, my 2nd lien Trust of deed be erased? Thanks
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