Re: Buying a 2nd Mortgage foreclosure
Posted by Mitch in TX on February 28, 2008 at 11:23:57:
In Reply to: Buying a 2nd Mortgage foreclosure
Posted by WashingtonStateInvestor on February 27, 2008 at 18:00:26:
WSI,
Here's my understanding of lien priorities:
The $140K will go to the 2nd lien holder to pay off their note. Any excess goes down to junior lienholders. If there are no jr liens the excess goes to the homeowner. Whomever is the high bidder at the auction gets title subject to the 1st lien. If the homeowner is delinquent on the 2nd you'd assume he's delinquent on the 1st as well. Do you know that to be the case? If so, you'll have to fork over some more $ to bring the 1st current. Just me 2 cents.
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