Posted by just someone on November 07, 2006 at 24:31:17:
If you interview several attorneys by phone (initial consultation), you’ll be able to tell which ones know what they’re talking about. Maybe you can start with attorneys you know you won’t end up hiring to get good at the conversation and to clarify as many questions as possible. Maybe someone else here can suggest interview questions.
Which attorney is better for foreclosures? - Posted by Ivan
Posted by Ivan on November 06, 2006 at 21:54:04:
Hi,
I need to contact an attorney to begin the foreclosure process on a residential 2nd mortgage lien that I hold on a house in Upstate NY.
My question is should any real estate attorney be able to do this or should I perhaps be looking at a different type of attorney such as a bankruptcy.
Thanks.
Re: Which attorney is better for foreclosures? - Posted by David Krulac
Posted by David Krulac on November 07, 2006 at 05:34:11:
I’d talk to attorneys, who are currently doing foreclosures and do this as a standard part of their practice. You can look at the foreclosure list to see who the attorney is that is conducting the sale. You might even contact the attorney foreclosing your first presuming that it is also in default. It could be a conflict of interest, but that attorney wold probably be the cheapest.
In general second mortgages don’t do well in foreclosure. A foreclosure of the first will wipe out your second interest, and bidders are reluctant to bid seconds where the first is not in default unless there is great amount of equity. Sometimes seconds end up with the property but it is often at a high price as they have to satisfy all prior liens, inlcuding the first, taxes, and sometimes utilities and judgements. Most times the second ends up with nothing, nada, zero. Have a nice day.