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Investment at risk
I sold my house a little over a year ago. I loaned the buyers $15,000 to help with the purchase and created a mortgage on the property to protect my investment. My mortgage is in 3rd place behind the primary lenders 1st and 2nd.
I just discovered that there has been a lis pendens filed and I was listed as a defendant in the case.
My understanding is that if the foreclosure goes through, most likely I will lose my investment. Is there anything I can do to either protect my investment or somehow slow down the foreclosure process?
It has been suggested that I file my own lis pendens. Would the foreclosure negate my lis pendens and thus void my claim?
It has also been suggested that I appoint the attorney for the Plaintiff as my fiduciary and then add them as a co-defendant in the case. From the explanation I was given this would prohibit them from representing the Plaintiff in the case.
I would like to see the buyer recover and do well, but now my investment is at stake and need to protect myself. $15,000 is a lot of milk and cookies for me.
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