question about excess funds at auction sale

Posted by laraquinto on February 17, 2007 at 08:16:14:

Hi there,
Quick question: I was the successful bidder of a property where the 2nd mortgage was the plaintiff. I know I am responsible for the first mortgage. If the upset price was say $100,000, and I bid up to $150,000. The $50,000 in excess is automatically used by the referee to satisfy the first and I would satisfy the remaining balance of the first. I am sure that is the procedure but would like a knowledgeable input. thank you

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