Re: 1st & 2nd mortgages, I need help!
Posted by Valerie (N. CA) on December 09, 2002 at 15:03:17:
In Reply to: 1st & 2nd mortgages, I need help! posted by Mel on December 07, 2002 at 19:24:51:
What state do you live in?
Valerie
: Any advice is greatly appreciated!! Here's my story...: My mother passed away in April leaving a house that carried two mortgages on it. I assumed the house, keeping it in her name and have kept the first mortgage(60K) current. The second mortgage (25K), which I have never paid, has sent me a foreclosure notice saying that they are going to foreclose on the house. They even sent me a copy of the newspaper ad that they will be running concerning the public auction of the house. My question is where does the first mortgage come into play? The newspaper ad states that the sale is subject to ad valorem taxes and the first mortgage. Does this mean that the auction would have to bring at least enough to pay off the first mortgage and then the second mortgage will take what's left? What if the auction does not bring at least 60K, which is just at what the house is worth, enough to pay off the first mortgage? Is there anything I can do to stop this?
- Re: 1st & 2nd mortgages, I need help! - Mel 12:09:57 12/12/02(0)
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