Posted by Maria Concepcion on January 18, 2006 at 10:59:45:
Hi Tod,
Every state is different call a local committee Attorny and ask him that question.In CT. When the bank forecloses on the house the second mortgage is whipped out.Do not wait til it is Banked owned more fees are attached.So yes is your answer!..Maria
Foreclosure Auction question in N.C. - Posted by Todd Tinker
Posted by Todd Tinker on January 16, 2006 at 21:18:01:
I have found a potentially good deal on a property being foreclosured at a courthouse auction in North Carolina later this week. The first mtg holder is foreclosing on the property but there is a small 2nd mtg on the property as well. My question is if I outbid the 1st mtg holder at the courthouse auction, will the 2nd mtg holder’s lien be automatically wiped out? Or do I need to wait until the 1st mtg holder actually takes ownership of the property and then buy directly from the bank to have clear title to the property? Thanks for any and all information you can give me.