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Fossil Rock
Thank you for the response.
I don’t remember when I have seen something like this recently. So he got 80% on the first note, 20% on the second, and then you loaned him $15,000 to make the down payment??? I’m really surprised the underwriter went for it.
I was afraid you were going to say what you did about the prop values. That is not good.
If there is nothing else on record, then they haven’t filed yet, just notifying people that they intend to. That being the case, you need to contact whoever holds the first to be kept in the loop.
So you don’t think there is any chance of him getting the mortgage back in compliance at all, which would be the best thing for all concerned?
Anything having to do with the property would have to be filed with the court clerk if they are going for judicial foreclosure, at least that is what I am assuming since you say mortgage rather than Deed of Trust, without knowing your state laws I can only make a general guess. However, anything that would generate a summons would have to come from the county court and there would be a record or it being filed, issued, served, and returned in the court file.
As to UCC, save your money. It only applies to personal non-real property, and is absolutely useless against real estate. That is what a Deed of Trust or mortgage is for.
I unfortunately do not foresee a happy ending here. My experience is that the first holder will get the property and the 2nd and 3rd will probably get nothing. The best that could happen here is that the creditors get together and get these people back on their feet.
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