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HomeForumsBuying & Selling Real Estate1st Position Foreclosure
Thomas Watson's profile image
Thomas Watson's profile image
Thomas Watson
  • Real Estate Consultant
  • from Somersert, New Jersey
  • Member since Apr 17, 2011
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Thomas Watson's profile image
Thomas Watson's profile image
Thomas Watson
  • Real Estate Consultant
  • from Somersert, New Jersey
  • Member since Apr 17, 2011
Connect
Thomas Watson
  • Real Estate Consultant
  • Somersert, NJ
3
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52
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Buying & Selling Real Estate

1st Position Foreclosure

Thomas Watson
  • Real Estate Consultant
  • Somersert, NJ
Posted Jan 27 2015, 16:01

What happens when you own a first position note that has an unpaid balance of 9K and there is a 2nd position for 40k and 3rd for 80K? Is the 1st position considered the senior lien if you file foreclosure? The home is worth 180K. What happens if the 2nd or 3rd file foreclosure first?

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