Foreclosure Auction question in N.C. - Posted by Todd

import · January 17, 2006, 7:07pm

Posted by Todd on January 18, 2006 at 20:20:51:

Thanks for the information

import · January 17, 2006, 7:07pm

Posted by Todd on January 17, 2006 at 20:07:59:

I am a newby in NC looking at purchasing my first foreclosure deal via courthouse auction. This property has a 1st and 2nd mtg but the 1st mtg holder is foreclosing. My question is if I outbid the 1st mtg holder, will the 2nd mtg holder’s lien still be wiped out? Or do I have to wait until the bank takes back the property as REO and buy directly from the bank to receive clear title? Thanks for any and all information you can give on this.

import · January 18, 2006, 3:26pm

Re: Foreclosure Auction question in N.C. - Posted by lukeNC

Posted by lukeNC on January 18, 2006 at 16:26:45:

If you win the bid and pay the trustee the agreed upon funds for the sale, you’ll own the house subject to any PRIOR liens, taxes, mortgages, etc. Be sure that the 1st is really first and you’ll be fine. Any junior mortgage is wiped out.