Re: Both First and Second Lien Holders foreclose on Property?

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Posted by Nick(Colorado) on February 11, 2003 at 20:22:50:

In Reply to: Both First and Second Lien Holders foreclose on Property? posted by IB (NJ) on February 11, 2003 at 19:56:12:

IB:

To protect their interest in the property the second may now
buy-out or reinstate the first. If they do not want to go this route
they may go to auction before the first, wait out the ten days, get
the deed, then do a buy-out or reinstatment of the first. Only if the
first goes to auction before the second, and then the second does
not redeem, do they lose interest in the property.

Follow Ups:

• Re: Both First and Second Lien Holders foreclose on Property? - Bill H 20:29:43 02/11/03 (1)
  • Re: Both First and Second Lien Holders. Help For You. - P.H. Miller 15:41:22 02/09/06 (0)

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Comments:
: IB:

:   To protect their interest in the property the second may now 
: buy-out or reinstate the first. If they do not want to go this route 
: they may go to auction before the first, wait out the ten days, get 
: the deed, then do a buy-out or reinstatment of the first. Only if the 
: first goes to auction before the second, and then the second does 
: not redeem, do they lose interest in the property.
:  


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