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I defaulted on I second trust deed, the last payment I made…

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I defaulted on I second...
I defaulted on I second trust deed , the last payment I made was August 2008. On 02/01/2011 I received A letter from Debt collector, we did not reach an agreement. on December 17 2016 They posted a Notice of sale for 01/04/2017 this not from the original lender. they foreclosed on my home with a non judicial foreclosure.
if they were a Debt buyer can they legally due a nonjudicial foreclosure? and what about the statue of limitation?
Submitted: 28 days ago.Category: Real Estate Law
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Answered in 18 minutes by:
5/27/2018
Real Estate Lawyer: Legalease, Lawyer replied 28 days ago
Legalease
Legalease, Lawyer
Category: Real Estate Law
Satisfied Customers: 16,440
Experience: 13 years experience in RE Law, including LL/Tenant, contractor disputes, comm'l prop. issues
Verified

Hello there --

TWO QUESTIONS:

1. What state are you in ? (Non judicial foreclosures are legal in most states and it should have the words "POWER OF SALE" in the mortgage to do so.

2. Was there enough equity in your house for the first lender to be paid first and then the foreclosing second lender to foreclose and be paid (it does not make sense for a second lender to foreclose if the first lender will get most of the money anyway -- first mortgage is ALWAYS paid first out of the proceeds of a foreclosure and then any fees and THEN the second lender will be paid if there is anything left).

MARY

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Category: Real Estate Law
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