[shea930]

Thanks for your help on this. I’d like to explain the two situations we currently are struggling with on these rules just to see if we are headed in the right direction:

Scenario 1: We are the 1st, 2nd, and 3rd lien holder on a consumers primary residence. They are currently over the 120 day delinquent on their 2nd and 3rd mortgages but not on their first. I’m thinking in this situation we would be okay to go forward with the foreclosure proceedings due to the subordinate lien delinquency?

Scenario 2: We are the 1st, 2nd, and 3rd lien holder on a consumer’s primary residence. However their 2nd and 3rd lien loans are business purpose and the 1st is consumer purpose. They are past due over 120 days on both business loans but not the consumer loan. Can we go ahead and do foreclosure proceedings on the 2nd and 3rd lien loans and then join in the foreclosure action of the subordinate lien holder when we are the lien holder of all three? Or can we not file notice until the consumer transaction is more than 120 days delinquent?

[shea930]

What if he does not get any compensation for the referral?

[Author]

Posts