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Posted by: MVD34 on 2009-12-29, 15:34:41
Threatening? They are or they aren 't doing it tomorrow...that is a fact or a lie. Your question sounds like somebody doesn 't know what they are talking about or they are trying to intimidate you into doing something. The first always has priority. In the current market, I would be surprised if anyone would actually do what BOA is suggesting. Yes, this happened from time to time in the old days...back when a company might have one or two a week. In most cases right now, bidders will just wait until the first goes to foreclosure to see how cheaply they can get the first claim. Then they will deal with the others if they have to. In other words, the second buyer would have to pay $280,000 for your first (or something very close to it). These days a first that is underwater might sell for 50% (or less) of the mortgage balance depending upon the details. Why pay $280,000 now for something that might only cost $200,000 or $150,000 in a month or two. Many 2nds are completely wiped out by the foreclosure process. Meaning that they have no right to the house after the foreclosure. They must seek payment from the mortgage holder -- you -- directly or get nothing. |
