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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Sue on the delinquent note... Posted by Ward-CA- on April 11, 2009 at 11:25 AM In Reply to: What happens if you just stop paying the second? posted by Scott - So Cal on April 11, 2009 at 9:59 AM Scott, The second lender can either foreclose or sue on the note. Pursuing the note to a judgment the lender could then attempt to satisfy his judgment via a wage garnishment, or levy against bank accounts or seize equipment or vehicles, etc. -------Ward ========= : I'm a broker and came across this situation: : The property is owner occupied with a purchase money first ($130K) and a refi'd second ($170K). Property valued at $125K. What recourse does the second lender have if the owner stops paying the second BUT KEEPS THE FIRST CURRENT? I doubt very seriously the second would foreclose because of the numbers. : Can the second lender sever the lien from the property to pursue a wage garnishment or other enforcement action? Or do they have any other recourse other than waiting for values to come back around? : Any thoughts?? Follow Ups: Re: Sue on the delinquent note... Scott 12:12 AM, 04/11/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Scott, : The second lender can either foreclose or sue on the note. Pursuing the note to a judgment the lender could then attempt to satisfy his judgment via a wage garnishment, or levy against bank accounts or seize equipment or vehicles, etc. : -------Ward : ========= : : I'm a broker and came across this situation: : : The property is owner occupied with a purchase money first ($130K) and a refi'd second ($170K). Property valued at $125K. What recourse does the second lender have if the owner stops paying the second BUT KEEPS THE FIRST CURRENT? I doubt very seriously the second would foreclose because of the numbers. : : Can the second lender sever the lien from the property to pursue a wage garnishment or other enforcement action? Or do they have any other recourse other than waiting for values to come back around? : : Any thoughts?? [ 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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