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The answer is the same as any lender whose loan is in default: File a Foreclosure. Hire an attorney who understands foreclosure laws, negotiate the fee, and get it done. Look up the foreclosure listings for the county in which the property is located. You'll notice one or maybe two law firms handle all the foreclosure proceedings. These law firms are well versed in the process and usually the most cost effective firms to handle your foreclosure. Waiting won't help...and possibly once the sheriff posts the "Notice of Default" on the door it will get the attention of the defaulted borrower and they will pay immediately. If not, you'll get the property back so you can sell it turning a loss into a gain (hopefully.) Of course, you should do your homework first. If the value of the property has dropped and you can't recoup your legal fees and the $22,500 after resale it may not be worth it. Consult your attorney about this before proceeding. Another concern should be if the borrower is not paying the 2nd, it's only a matter of time maybe before he stops paying the first. If the first files foreclosure before you, your interest could be wiped out by the first foreclosure. Look into that as well... Rob K. Blake

TheMortgageInsider.net

PS: Strange question...if you originated the second mortgage, how can you not know how to collect it? Are you the owner of the house asking or the lender?

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โˆ™ 2008-10-20 16:15:30
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Q: What is the best way to collect a second mortgage that is almost 2yrs in default and has never been paid on at all and amt of the mortgage is 22500.00?
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