Second Lien Position on Impending Foreclosure in NY, Need Advice
Hello. I am a second lienholder on a property in Long Island, and I am looking for advice on how to navigate the situation.
The property: Original Loan Value with Chase: 1.3M. Second Lien Position: 700K. Current market value: $2.5M
Property In foreclosure since 2009, owner has managed to pay lawyers to keep extending the proceedings since his last payment in 2009. I feel they are nearing the end of the window, and not sure what will happen to our lien position if this goes to auction.
How do I find out the following: 1) Are there other lienholders ahead of us on the property? 2) What is the latest status of the foreclosure? 3) what is the first lienholder's current payoff amount? 4) Whom can I hire to negotiate with the first lienholder if we want to buy out the property?