Posted by JohnB_NJ on May 19, 2002 at 23:33:05:
Leon,
Each state law is different and since I am in NJ I do not feel qualified to give you the answer you seek for N. Carolina. Your attorney should be able to guide you. You should always have a good RE attorney on your team.
Especially when you will have some serious bucks on the line.
If you don’t have an attorney, one you know knows what the heck he/she is doing, then don’t do this deal.
Just my 2 cents…
Good luck and the best of success to you.
-John
Reinstatement rights…need help? - Posted by LeonNC
Posted by LeonNC on May 19, 2002 at 21:24:14:
Ok, if I purchase a 2nd lien and the 1st is in foreclosure what are my rights as far as being the 2nd lienholder? Before I reinstate I guess I need to get a deed from the owner or a contract to purchase with a new loan. Correct?
I NEED HELP! I’ve got an owner willing to work with me. But, she’s already talked with her attorney about filing for BK. There’s very little equity in the property but if I purchase the 2nd there will be plenty of equity. I’m concerned the attorney will throw a wrench in the deal.
Are these the right steps to take?
- Find out if the 2nd will discount.
- Find out exact numbers from 1st & ask for discount.
- If yes steps 1&2 are are good, go to the seller and get a deed/deal with her attorney.
- Title search.
- Buy 2nd and reinstate 1st.
- What did I leave out?
In a nutshell what are my rights as a lienholder, dealing with the attorney, and the order of steps to take.
Thank-you,
Leon