a broker brought the senior loan current. without my knowledge ,so then senior omitted themselves from the foreclosure and let the second forclosure. at the foreclosure sale the broker brought the house. how long does it take for the senior loan to be paid, in my case statement came every month for 13 months and homeowner insurance still coming in my name. please i need to know
If they continue to make the payments on the 1st and eventually pay it off it will likely improve your credit. Still I personally wouldn’t want to leave my credit in someone elses hands unless I was comfortable with their plan for getting the loan paid off.
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If you are not comfortable with letting this continue you can likely force the issue. Your loan probably has a due on sale clause. You should contact your lender and let them know the house sold at a foreclosure of the junior loan, and that you forbid them from accepting any more payments from the 3rd party buyer. This will initiate foreclosure on that loan forcing that 3rd party to pay off the loan or lose the money they invested at foreclosure auction. Note that if the 3rd party doesn’t pay it off and the loan goes back into foreclosure it will impact your credit.
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If the lender continues to accept payments after you give them notice, you should contact an attorney.