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What does a motion for default mean and what can we do about it?

Question Details:

My company buys mortgages. We bought a 2nd position note and had it recorded properly. The first mortgage holder did not record theirs. They asked me to subordinate my position. I did not. They went to court and filed a motion for default with my company as the defendant. The motion was granted and a default was entered. What does this mean to us and what can we do about it?

Paula McGill / Paula J. McGill, Attorney At Law Answered 8 years ago | Contributor
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