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

Posted by Roger Johnson on March 5, 2012 at 9:40am in Short Sale Discussions

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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Replies

  • Roger Johnson 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.

  • Jeff Payne March 5, 2012 at 10:02am

    Who does the seller make their mortgage payment to?

    • Roger Johnson > Jeff Payne 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

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