Re: Virginia Foreclosure - Loan Subordination Question

Posted by Bill H on August 06, 2006 at 19:42:29:

In Reply to: Virginia Foreclosure - Loan Subordination Question posted by Dave S. on August 06, 2006 at 14:55:38:

: I am interested in a non-judicial foreclosure property in Virginia that is scheduled for court house auction in 2 weeks. I have checked the courthouse records and found a deed of trust for a line of credit and a deed of trust for the mortgage. The deed of trust for the mortgage is the one in default is the one being foreclosed on. The deed of trust for the mortgage appears to be a refinance, but is dated later then the deed of trust for the line of credit. I am very new at this and am having trouble determining which deed of trust is subordinate to the other and am concerned that I will also be responsible for the line of credit should I purchase the property at auction. Can a title company do any more than I have already done? Any suggestions or ideas? How can you determine the amount owed and am I in jeopardy of being responsible for both?


Normal foreclosure is that the everything JUNIOR to the foreclosing lien will be wiped from title.

Everything that is SENIOR to the foreclosing lien will remain and become the responsiblity of the purchaser at the sale.

Good Luck,
Bill H

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Comments:
: : I am interested in a non-judicial foreclosure property in Virginia that is scheduled for court house auction in 2 weeks. I have checked the courthouse records and found a deed of trust for a line of credit and a deed of trust for the mortgage. The deed of trust for the mortgage is the one in default is the one being foreclosed on. The deed of trust for the mortgage appears to be a refinance, but is dated later then the deed of trust for the line of credit. I am very new at this and am having trouble determining which deed of trust is subordinate to the other and am concerned that I will also be responsible for the line of credit should I purchase the property at auction. Can a title company do any more than I have already done? Any suggestions or ideas? How can you determine the amount owed and am I in jeopardy of being responsible for both? 


Normal foreclosure is that the everything JUNIOR to the foreclosing lien will be wiped from title. 

 Everything that is SENIOR to the foreclosing lien will remain and become the responsiblity of the purchaser at the sale.

Good Luck,
Bill H


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