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Posted by Irwin on May 12, 2005 at 10:08:52:
In Reply to: Foreclosing as second in TX- Must pay off first in cash? posted by Second Lien Holder (TX) on May 11, 2005 at 13:37:15:
Bill has good comments below. Whatever you do, don't bid more than the balance of your 2nd mortgage unless you're willing to pay more for the house than the total of the first and your second. The balance of the first will remain outstanding after your TD sale. ]
: I am in Texas and am foreclosing as the second. I have beaten the first to the punch because the owner is in Chpt 7, but the court has granted me a release of stay so I'm going after him before the first knows that hit them.
: My main question is if I, as the lienholder, bid the amount of the first and my second (credit bid) and it is the high bid, must I pay off the first in cash or simply reinstate that loan until I can refinance or assume? If they don't like it, must they go through the foreclosure process with me?
: Thanks in advance!!
