Legal Question in Real Estate Law in Louisiana

Assumption of mortgage

In 1985 we bought home, we divorced in 89, ex got house in divorce decree. He let someone assume mortgage in 1990. In May 2001 I was served notice of seizure from 1st mortgage. People that assumed mortgage and 1st mortgage finally agreed they were up to date on payment. Now I see in paper house is up for sheriff sale again by 2nd mortgage co.(I did not know of this mortgage-loan taken out in 2000). I was told the second mortgage co. was going to buy house at sale ''subject to first mortgage.'' What does this mean, and can they come back to me for any money?


Asked on 1/05/02, 9:11 pm

1 Answer from Attorneys
Nick Pizzolatto, Jr. Pizzolatto Law Office

Re: Assumption of mortgage

The second mortgage holder will become owner of the house and is then responsible for the first mortgage. With only the few facts furnished, I suspect there is enough equity in the property to make it worth their while to take the house and take over the first mortgage. You should be in the clear once the sheriff's sale is complete, but BE AWARE that this answer is based strictly on the facts you furnished, and to be safe you need to take the paper work to a real estate attorney.

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Answered on 1/06/02, 6:08 am


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