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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] SoCal own the 2nd through foreclosure, 1st a mess Posted by Dan on April 06, 2008 at 8:51 AM I bought a home at auction where the first was $500k and the second was almost $200k. I bought the 2nd for pennies on the dollar. My name is on title, the lender on both loans went under, and there is an agency holding the paper. The agency refused for months to give me any information on the first or to speak to me. Finally relented and gave me a brief listing including the 1st and 6 figures in fees (none of which were back payments or late penalities, but a 5 figure early payoff is in there). They have made no demands for payment and have informed me that since the first mortgage is not in my name. I am not intitled to further information on it. The value of the home has dropped to about where the 1st mortgage is. 1. Can they charge the fees 2. What might happen next and what is the process. 3. Since I am not on the loan, if they foreclose on the house will that affect my credit? 4. Will they negotiate out the fees? 5. Anything else I need to know. Follow Ups: Need more info to evaluate the situation Tom 10:44 AM, 04/07/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I bought a home at auction where the first was $500k and the second was almost $200k. I bought the 2nd for pennies on the dollar. My name is on title, the lender on both loans went under, and there is an agency holding the paper. : The agency refused for months to give me any information on the first or to speak to me. Finally relented and gave me a brief listing including the 1st and 6 figures in fees (none of which were back payments or late penalities, but a 5 figure early payoff is in there). : They have made no demands for payment and have informed me that since the first mortgage is not in my name. I am not intitled to further information on it. : The value of the home has dropped to about where the 1st mortgage is. : 1. Can they charge the fees : 2. What might happen next and what is the process. : 3. Since I am not on the loan, if they foreclose on the house will that affect my credit? : 4. Will they negotiate out the fees? : 5. Anything else I need to know. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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