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Enforcing a second mortgage: dual closing?

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by kreozZ1, Aug 16, 2016.

  1. kreozZ1

    kreozZ1 Law Topic Starter New Member

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    Jurisdiction:
    Massachusetts
    I'm a lender with the second mortgage on a residential property. If, in case of a default, I were to enforce the note, it is my understanding that before taking the property over, I will have to pay off the first mortgage.

    Question is: Let's say I have a buyer to buy the property from me. Is it possible to do dual (simultaneous) closing, whereby I pay the first note and deed the property over to the buyer at the same time?
     
  2. army judge

    army judge Super Moderator

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    Holding a second mortgage means very little these days.
    It's nearly impossible for the first note holder to foreclose easily.
    I suggest you discuss your options with your attorney.
     
  3. adjusterjack

    adjusterjack Super Moderator

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    Sure it's possible but you are going to need the consent and cooperation of the first mortgage holder.
     

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