Re: 2nd mortgage sold at auction. Buyer can't buy out first mort

Posted by Jim V on December 02, 2002 at 23:21:49:

In Reply to: 2nd mortgage sold at auction. Buyer can't buy out first mort posted by Michael - Illinois on December 02, 2002 at 23:01:34:

Assuming the first goes to auction, any overage from that sale would go to the new owner(bidder from the sale of the second).

Just a guess, but I'd expect the bidding to cover all amounts you owe on the first, plus a little bit over. If there is a new successful bidder, they will become the owner of the property.

You do not own the house, so paying the arrearage will only benefit the current new owner.

Move on, and consider yourself very fortunate.

Follow Ups:

• Re: 2nd mortgage sold at auction. Buyer can't buy out first mort - Grace 12:54:38 12/04/02 (1)
  • Re: 2nd mortgage sold at auction. Buyer can't buy out first mort - Michael - Illinois 05:10:01 12/05/02 (0)
• Re: 2nd mortgage sold at auction. Buyer can't buy out first mort - Michael - Illinois 00:02:24 12/03/02 (0)

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Comments:
: Assuming the first goes to auction, any overage from that sale would go to the new owner(bidder from the sale of the second).

: Just a guess, but I'd expect the bidding to cover all amounts you owe on the first, plus a little bit over.  If there is a new successful bidder, they will become the owner of the property.

: You do not own the house, so paying the arrearage will only benefit the current new owner.

: Move on, and consider yourself very fortunate.


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