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Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
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Experience:  25 years of experience in general practice, real estate law and estate law.
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I have a first and a second mortgage. My property consists

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I have a first and a second mortgage. My property consists of 5 parcels, one contains most of the house. The garage sits on 2 of the parcels, one is next to the garage lots and the other one is across the street and provides water access. My problem is that the first mortgage only lists the house parcel. The other parcels are on the second mortgage. The bank has been awarded foreclosure on the first mortgage, the second mortgage is current and taxes are up to date. The bank did offer a "modification", but it is only 100.00 less than the original payment and the terms are ridiculous. My question is , does the fact that the first mortgage only encompasses a portion of the property and the second mortgage is current give me any leverage?
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 9 months ago.

Welcome and thank you for your question. I will be the professional that will be assisting you.

They would only be able to foreclose on the property contained in the legal description stated on the mortgage.

Does the house sit on the legal description they are foreclosing? Are there different property index numbers on the 5 parcels?

Customer: replied 9 months ago.

Most of the house sits on the legal description that they are foreclosing on. There are different numbers on the other parcels. And on the tax record there is no lien holder on those parcels.

Customer: replied 9 months ago.

Also the 3 back parcels butt directly up to the house and even a corner of the house is on the back lots. The bank with the first mortgage does not own the entire house, only part of it.

Expert:  Attyadvisor replied 9 months ago.
They can only foreclose the legal description they have on the mortgage. My question is , does the fact that the first mortgage only encompasses a portion of the property and the second mortgage is current give me any leverage?

I have not really seen the lender back off of a foreclosure due to the borrower owning adjoining properties. If they only have a security interest on a portion of the home that will make things difficult for the lender once they foreclose. It will be difficult to sell a portion of a house. We do see this type of situation.


You said this has been going on for two years, are you still working a loan modification?
Customer: replied 9 months ago.

I just received a permanent mod, but the payment is still too high and they have added another FHA loan for 89, 000.00 that includes their attorney fees, back principal, interest and escrow deficiency. They also left the interest rate at 4.375 fixed, but then said that the rate could go up or down.


Could a lawyer stop the sheriffs sale due to the screw up in the deed at least temporarily?

Expert:  Attyadvisor replied 9 months ago.
They should not be able to sell the whole house and that is a problem.

An attorney could file a motion to stay or vacate the sheriff's sale based on the irregularity of the portion of property being foreclosed.

When is the sale date?
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 3373
Experience: 25 years of experience in general practice, real estate law and estate law.
Attyadvisor and 6 other Real Estate Law Specialists are ready to help you
Customer: replied 9 months ago.

The sale date has not yet been set.

Expert:  Attyadvisor replied 9 months ago.
Then there is time. You would want to file a motion to stay the sale.
Customer: replied 9 months ago.

Thank you very much, you have helped

Expert:  Attyadvisor replied 9 months ago.
I hope you are able to keep all of your property!! Thank you.

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