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Posted by Nick(Colorado) on August 25, 2002 at 16:31:16:
In Reply to: second mortgage sold at an auction posted by andrea on August 23, 2002 at 07:37:33:
Andrea:
According to my sources Nevada does not recognize a formal
redemption period. When a junior lien holder (such as a
second) goes to auction, the purchaser take possession of the
property subject to any senior liens. So basicly the entity
that purchased the second at auction will need to evict and
then service or payoff the first. You -may- be able to delay
the eviction with a bankruptcy, but only for a short period of
time. The court will release the stay of the eviction at the
first date, as you no longer hold title.
The entity that purchased the second may not have known it
was a junior lien at sale? So you may try going via the
negotiated route.
