Speaking only from my Michigan perspective, yes, a second can always sell/assign their lien to another debt collector. That would usually happen when the second lien holder realizes that they probably are not going to get any money out of the deal and cut their losses. So the lien they bought for pennies on the dollar, gets sold to another debt collector for pennies on the dollar.In my research, can they not just foreclose and sell the second position and then person who buys it has to deal with the 1st lien and SLS get their principal back?
SOL start is date of last payment.I dont think the SOL starts running until the loan is actually accelerated. At least based on the case law I have seen. So 10 years from acceleration which hasn't occurred yet.