Speaking only from my Michigan perspective, yes, a second can always sell/assign their lien to another debt collector. That would usually happen when the second lien holder realizes that they probably are not going to get any money out of the deal and cut their losses. So the lien they bought for pennies on the dollar, gets sold to another debt collector for pennies on the dollar.In my research, can they not just foreclose and sell the second position and then person who buys it has to deal with the 1st lien and SLS get their principal back?
SOL start is date of last payment.I dont think the SOL starts running until the loan is actually accelerated. At least based on the case law I have seen. So 10 years from acceleration which hasn't occurred yet.
Curious about this.SLS finally after a 3 month runaround responded to our offer of 12k (ish) on 30k principal, 72k with all interest. They refused a penny less than full payoff. No worries. We have this house rented and currently in a 3 year lease. I doubt seriously they will foreclose. First mortgage is current, and if they payoff first, they could probably clear the full second (72k) but not without some work. 15 year old ACs, 15year old roof, siding needs repair. I'll just wait on them and hope they sell the second lien. Ill try and buy it. This is no longer on my credit and they wanted me to modify it, accepting a new principal of 72k. That would be plain stupidity. Especially with the threat of recession soon. I'll let them take the risk.