Good Afternoon,
Suppose you are in 2nd position and the first position is filed for foreclosure, the auction is in a month …could the second position note holder file a Lis Pendens to stop the foreclosure ?
The goal being for the second to save his position by curing the first and securing a buyer for the property so he could get paid.
Thanks , Darin
I have had 2nd TD holders bid at auction to secure their position. National companies. If this option was open to them I rather think they would have taken advantage of it, but I don’t really know.
I agree,
It would be a no brainer if you were in 2nd position. I just negotiated a short sale. The second took possesion of the property, did not keep the first current ,so the first filed lis pendens and started foreclosure proceedings. We all settled happily.
Thank you, Darin