Posted by Rodney on September 14, 2004 at 10:17:56:
Can someone clarify what happens when a 2nd goes to fc sale before the first?
I’m looking at a property has a 2nd mortgage satisfaction of approx 51,000.00 and a 1st of approx 72.000.00.
They both are FC,but the 2nd is going to MF sale first.The 1st eventhough they filed there FC papers first, seems to be stalled. What I could determine is that their last action was a request for default on 7/28/04, on both the owners and 2nd mortgage holders.
The second has been granted a judgement and is going to MF sale on Oct 2,2004.
I do not know if I’m answering my own question correctly, but I think if the 2nd forecloses it will have to defend it’s position and buy the first, and that to me makes no sense because the property isn’t worth the 122k plus they’ll have to assume in total debts.
I hope some can clarify this for me. Thanks!