Allen Park, MI asked in Real Estate Law for Alaska

Q: I just foreclosed on a property in alaska. I was 2nd lien. Is it my responsibility to contact the owners? Or them me?

Foreclosed with Deed of trust and promissory note thru divorce. Ex still owes alot to original owners. Should have been paid in full in 2015. All involved avoid/ignore me. Am I responsible for his payment contract?

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1 Lawyer Answer
Anthony M. Avery
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A: You are not personally responsible for the priority Note. But if someone does not pay it, at some time in the future the first Deed of Trust will be foreclosed. If there is no surplus, then your Deed is extinguished. But if there is a surplus, and the trustee is honest, you as the second noteholder will be entitled to it to the extent of your Note indebtedness. The deficiency debt owing on your junior lien foreclosure (if any) could

be sued upon separate from the foreclosed Deed of Trust.

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