Re: Junior Lien

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Posted by Nagi on February 15, 2003 at 22:01:57:

In Reply to: Re: Junior Lien posted by Bill H on February 15, 2003 at 20:46:02:

: : What would you do if you bought a junior lien on a property in a trustee sale type auction?

: All depends. How junior? How much? Costs to reinstate the senior lien(s? Equity? Good investment or merely a serious mistake? .....be more specific and someone will assist you.

I am trying to buy houses from Trustee sales in Virginia. I was successful buying one. The contract was very simple: Pay cash, all jubnior liens are wiped out...etc. I saw another Trustee sale that the foreclosure was on a second mortgage for $90K. The house is worth over $400,000. So, I was just wondering, if someone buys the house for the $90k, wouldnt he be responsible for the senior loan which is approximately 250K? I hink this is the case, but not sure. any help will be appreciated.

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: : : What would you do if you bought a junior lien on a property in a trustee sale type auction? 

: : All depends. How junior?  How much? Costs to reinstate the senior lien(s? Equity? Good investment or merely a serious mistake?  .....be more specific and someone will assist you.

: I am trying to buy houses from Trustee sales in Virginia. I was successful buying one.  The contract was very simple: Pay cash, all jubnior liens are wiped out...etc.  I saw another Trustee sale that the foreclosure was on a second mortgage for $90K. The house is worth over $400,000. So, I was just wondering, if someone buys the house for the $90k, wouldnt he be responsible for the senior loan which is approximately 250K? I hink this is the case, but not sure. any help will be appreciated.
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