Can you post the original pleadings in this case asking for the seizure? I would like to see the fundamentals of the suit, identifying the mortgage amount and when the first payment became in arrears.
Ben, I do not buy any argument of any “private” or non-public 2nd tier lien holder that has not recorded their position in the public domain. NO ONE does that…
A second tier lien holder, not recorded, can find themselves at the very end of a long food chain that will not end well for this 2nd tier non-public lien holder. They can find themselves not in 2nd place behind the first mortgage, but several spots down, in 3rd, 4th, or even 5th place behind the first mortgage, in a position that they will never get paid under any conditions in an auction.
Should anyone have examples of this, I would love to see them, and point out the very foolish position they have placed themselves in the legal chain of property rights.
By the way, the SELLS were over 4:1 versus BUYS Friday
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