Posted by Rich-CA on July 10, 2007 at 15:58:34:
Sounds like the right way to me. Everyone involved is covered and you’re communicating with the lender for the 1st. The lender knows its been foreclosed, they have to be notified.
2nd mortgage foreclosure - Posted by Alan sparks
Posted by Alan sparks on July 09, 2007 at 23:37:21:
In Oregon it is common for the 2nd to foreclose (for only the value of the 2nd) ahead of the 1st. How does the successful bidder then gain title to the property?
I recently won on a 2nd and have contacted the lender of the 1st. for the buy out figure. But I am not sure that is the right way to proceed.