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Tax Liens & Mortgage Notes

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Erica Baruti
  • Specialist
  • Grayson, GA
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41
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Non Performing 2nds & Bankruptcy

Erica Baruti
  • Specialist
  • Grayson, GA
Posted Nov 10 2014, 07:20

Hi Guys! I have a question that may be logical, but since it's dealing with notes, I don't want to make assumptions. If a home has high equity, and let's say I purchased the 2nd, while someone else owns the 1st. If the homeowner doesn't pay & a foreclosure needs to be enacted, does it matter if the 1st or 2nd files for foreclosure first? I'm thinking if the house has high equity then it shouldn't matter b/c we'd both get our notes satisfied once it's sold. Am I on the right track or am I missing something?

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