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Old 07-12-2011, 05:31 PM
EMB EMB is offline
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Default 2ND Mtg holder cures delinquency on 1ST Mtg

In 2003/2004 I defaulted on both the 1ST & 2ND mortgages on a property. I haven't made a payment on either since. Per my CR; "Foreclosure process started" on (1ST Mtg) Nov 2004; Jul-Dec 2005; Aug-Nov 2006; etc...latest-Nov 2007-May 2008. They've started and stopped many times. But they NEVER foreclosed. Mtg held by CHASE.
The 2ND Mtg was purchased by 3RD party investor (A) who also initiated foreclosure proceedings. He finally foreclosed and sold the Mtg. to investor (B) who got title to the property in Sept. 2007. Investor (A) continued to cure the 1ST Mtg with CHASE (I speculate) to avoid foreclosure and protect his 2ND Mtg position. His last cure was Aug. 2007 the month before investor (B) took title.

QUESTIONS:
1. My DOFD was 7+ yrs ago. Does the 2ND Mtg. holders constant and most recent cure of the 1ST (Aug 2007), in effect, "re-age" my DOFD?
2. With the new owner holding TITLE to the property; does CHASE have a position in the property or with the new owner?
3. Can CHASE forclose? and if so on who? me? or the new owner?
4. Did CHASE forefit its position by allowing 2ND Mtg to foreclose?
5. CHASE has recently begun calling me again. (2 wks) I'm reluctant to communicate with them until I understand my current position. When and if should I take their call? and , what should I say?
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