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Posted by Ward-CA- on June 27, 2002 at 10:16:47:
In Reply to: Re: Figure out lien priorities BEFORE you buy.. posted by NgocBich Nguyen on June 27, 2002 at 07:48:18:
: The property has:
: A 1st of morgage (homeside lending) of 57,546.00 which listed under the Final of Judgement.
: A 2nd morgage (real estate morgage) of 17,000.00
: A lien of home owner assciation of 160.00
: How do I know what will be wiped out prior buying the forecloser sale.
: Thank alot.
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In order to safely invest in foreclosures going to auction you need to research the property’s title record at your local county recorder’s office. You must know all liens and their priorities. That is because the foreclosure of a senior lien will wipe off a junior lien.
Here it looks like you got title by paying off a first mortgage. Thus you also wiped off the title the junior 2nd and the junior HOA lien of $160.00.
So now you own the property with no liens, it is free and clear of all liens except for any property taxes that might be owing. Property taxes are always the most senior lien on a property.
Hope this helps.