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Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 38217
Experience:  17 years real estate, Realtor. Landlord 26 years
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Am I able to recoup my money from this transaction

Customer Question

Am I able to recoup my money from this transaction
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Barrister replied 5 months ago.

Hello again,

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Am I able to recoup my money from this transaction

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Honestly, probably not. This is because you voluntarily paid money to the bank holding a mortgage on the property for the borrower. So the borrower did owe the bank the money, and they could legally accept it, even if you werent' aware that they were a 2nd mortgage holder and not the 1st mortgage holder who was foreclosing..

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The 2nd is happy to accept that money because it is money they would never have gotten once the 1st foreclosed and wiped out their 2nd so I kind of doubt that they will voluntarily refund it to you.

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I am afraid that you are stuck here..

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I am sorry that the news isn't better.

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Barrister