Indiana | Real Estate Law
11/04/09, 3:04 pm
Legal Question
I bought a property that has a secret 2nd note from the seller. It was not disclosed to the 1st at closing and has not been recorded. I know this because the 1st has been sold a few times and a title search did not discover a 2nd. The 2nd note does not have a deed attached either. I have fallen behind on the 2nd payments.
What legal standing does the 2nd have? Can he forclose or just sue me as an individual without consideration for the property? Would a 1st holder fight a foreclosure on this type of instrument? Would a judge throw it out based on these facts?
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Read More Answered By: Burton Padove |
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