Enforcing a second mortgage: dual closing?

[kreozZ1]

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?

 

[army judge]

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?

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.

 

[adjusterjack]

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?

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