Upcoming Foreclosures

Rights for 2nd lien holders on real property?

I was awarded a portion of our house in a divorce settlement in Texas. The court advised I put a 2nd lien on the property. What exactly can I do if he defaults in payments. When and if I have to foreclose will it be only for the amount in arrears, full amount or the entire house?

Public Comments

1. Are you still on the deed per chance?
2. If you foreclose you still need to satisfy the first lien.
3. This the deal, your second lien assuming their is not already a second lien on the property, is junior to the first note who has all the power Now if the first note forecloses on the house, they get paid first, and then if anything is left you get it, but they do not need your permission to foreclose and sell and if they do your second lien against the property interest is wipe out now seeking the force of the sell, I am not sure you would be able to force a sell on a lien that does not have a value equally to 80% of the landl vlaue, its not like you have a second mortgage secured by the land but a lien placed upon land, very different