Second's right to "cure" first - Posted by Joe - OK

Real Estate Investing Real Estate Law
1

Posted by Bill H on December 30, 2005 at 21:06:14:

As you describe it…you have no rights to simply cure the first and take over the loan.

Two ways to work the deal:

  1. Get it under contract subject to…cure and move on. If the first elects to exercise their DOS…re-fi.

  2. Initiate your own foreclosure under your 2nd to protect your position. Then you can cure the first and proceed to sale…you must go to sale…hopefully at the sale there will be no bidders and you will get the property subject to the first.

Good Luck,
Bill H

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Second’s right to “cure” first - Posted by Joe - OK

Posted by Joe - OK on December 30, 2005 at 10:46:07:

I am a second mortgage holder on a property in Oklahoma.

The first has foreclosed and received a judgement (I answered the petition and have a secured postition). The property has not gone to sherriff sale.

My question is:

What rights do I have under Oklahoma law to cure the first?

I would like to bring the payments current and take over the loan. I can redeem the 1st but I would perfer not too.

Thanks,
Joe in Oklahoma