Posted by admin | Posted in All About Foreclosure | Posted on 04-09-2010
Tags: foreclosure, foreclosure queens ny, ny, queens, realestate, reference
New law regarding foreclosure more than one mortgage?
I have a friend who is unfortunately locked on three mortgage on a single residence. He has a mortgage senior and junior two mortgages. Under current laws, I was informed that it is possible to stop the foreclosure by the regulation that the higher mortgage (either by refinancing or selling) and two junior mortgage become irrelevant (completely eliminated if lenders write off the loan as a loss) as long as we settle the first mortgage. Is this true or in any way possible? The house is located in Queens, NY.
I do not think there is such a law that allows you just deal with the holder of the first mortgage and junior kiss goodbye. The first lender will also tell you that this is not possible unless you have the support of Junior and why would they give such consent, if there is nothing there for them? If the excluded first, then juniors have the right to re either the loan and start their own exclusion. Obviously they will only do so if they believe there is sufficient capital, so they can obtain all or part of their money. If the junior does not recover, then the house is sold at foreclosure auction of the first and the juniors for good.
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