Second lien holder on companies land sale next week in TX. What can i expect?

Submitted by Michelle from TX - 10/27/2011 - 9:51am

In my divorce, because my husband was not liquid enough to pay me there was an agreement for my ex-husband to pay my "x" amount over time in quarterly payments. It was guaranteed by the assets and land of the business as a SECOND lien holder. He has defaulted on the loan with me and the bank and is 60 days past due. The bank has moved in and a foreclosure sale is scheduled next week. The personal assets of the company: trailers, tractors etc will obviously being a liquidation sale later-I'm not sure. As a second lien holder, can I really expect anything from this sale? and what can i expect if my ex husbands found investors that will bid on it -Will I get anything above what the bank listed as price?

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Comments

Submitted by Michelle - 11/01/2011 - 10:11am

Hi Michelle,
If there is equity in the property beyond the 1st you would want to potentially cure the 1st and foreclose on your second in order to get any money out of the property. If the sale price goes above the 1st then you would be entitled to any overage but do not count on that happening. It sounds like you need to consult with an attorney to protect your interest.

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