Q: EQUITABLE SUBROGATION
My mortgage bank file a case with two issues Issue: EQUITABLE SUBROGATION
Issue: INJUNCTION after that a foreclosure case was closed by the judge: CLERK DISMISSES W/O PREJUDICE - RULE 2-507.
What means this?
A:
I do this work for banks. It likely means that there is a title issue that caused the mortgage document to be defective. The bank is now asking for an order that give the lender a lien on the property for all amounts it paid toward your OLD mortgage.
So, if you borrowed $150,000 to pay off an old loan for $100,000, the new lender would be "equitably subrogated" to the same lien position as the $100,000 loan. Get it?
This just postpones the inevitable foreclosure while the lender and it's title insurance company fixes things. This is a great time for you to step in and make a deal with the lender.
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