IF WE SOLD A HOUSE AND ACTED A SECOND AND THE BUYER FORCLOSED DO WE HAVE ANY RIGHTS TO THE MONEY WE WERE OWED
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
IF WE SOLD A HOUSE AND ACTED A SECOND AND THE BUYER FORCLOSED DO WE HAVE ANY RIGHTS TO THE MONEY WE WERE OWED
WE SOLD OUR HOUSE FOR 200,000 BUT THE BUYER WAS ONLY FUNDED 170,000 SO WE WERE A SECOND AND THE BANK FORCLOSED DO WE STILL GET OUR MONEY AND HOW
Asked on June 5, 2009 under Real Estate Law, New Mexico
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Nope probably not. It all depends on if there is money left over after a foreclosure sale to satisfy the first lien holder and whether your rights were extinguished -- never a good idea to be a second in this fashion.
Try www.attorneypages.com and consult with a real estate attorney to determine (research) status of sale and proceeds.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.