Legal Question in Real Estate Law in Virginia

2nd mortgage rights

I sold a business and took a second mortgage.The buyer did a re-do of the original loan.I was not informed.The buyers lawyers said I would still be in 2nd.Can this happen and how can this be without my approval? Do I not move to 1st?Or under what conditions can the 1st holder stay there ?


Asked on 2/10/06, 7:19 pm

1 Answer from Attorneys
Robert Strupp Robert J. Strupp,Attorney at Law, PLC

Re: 2nd mortgage rights

The answer depends on the documents. For example, if the "redo" was a loan modification--not a "pay-off" followed by a new loan, the lien positions may not have changed.

Robert J. Strupp, PLC

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Answered on 2/10/06, 7:27 pm


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