How to handle a 2nd mortgage when the lien holder doesn't exist anymore?

Here's the situation.  Owner has a 2nd mortgage with First Magnus.  The problem is First Magnus filed bankruptcy and ceased to exist.  There are no contact numbers on file anywhere that work anymore.  Yet, the lien is still on the property.

Suggestions? Solutions?  I definitely need help here.

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Permalink Reply by Jeff Payne on March 5, 2012 at 10:02am

Who does the seller make their mortgage payment to?

Permalink Reply by Roger Johnson on March 5, 2012 at 1:04pm

Seller has not made a mortgage payment in about 4 years to the 2nd.  Last legal notice sent was in January of 2010 right before First Magnus went under

Permalink Reply by Roger Johnson on March 7, 2012 at 2:33am

We don't use title companies, but to answer the question, no it was never transferred.

Permalink Reply by Roger Johnson on March 7, 2012 at 2:36am

Here's the basic issue:  I have a 2nd lien against a property that is held by a company that no longer exists.  So, if anyone has had this happen, how did you handle it?  Is it possible to get the courts to somehow make this an invalid lien?  This short sale is basically stuck until I can come up with a solution on how to handle the situation.

Permalink Reply by Roger Johnson on March 8, 2012 at 8:24am

Thanks Brian,

I'll try that.  Just know that the title search shows only First Magnus as the lien holder and no legal changes have been made as to servicing/ownership of the note.

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