HELP! Two Auctions same house. Who Wins? - Posted by Mark_IL

import · February 14, 2002, 8:26pm

Posted by Tim Jensen on February 14, 2002 at 23:10:31:

Mark,

I ran into a similar situation about a month ago. I went to the auction and it was called off. I would still go to the auction, and be ready to bid.

Good Luck,
Tim

import · February 14, 2002, 8:26pm

HELP! Two Auctions same house. Who Wins? - Posted by Mark_IL

Posted by Mark_IL on February 14, 2002 at 21:26:47:

For you foreclosure gurus out there?

If a first goes to auction before the 2nd, does the auction for the 2nd get canceled since there interest is wipped out buy the sale of the property?

I am planning on bidding on a 1st mortgage in the a.m. but I now see that the 2nd is foreclosing and has an auction scheduled 2 weeks latter. I want to be sure that if I buy this property at auction that I will not have any financial responsibility to the 2nd mortgage? This is in Illinois.

Thanks,

Mark Smith

import · February 15, 2002, 8:18pm

Re: HELP! Two Auctions same house. Who Wins? - Posted by Mark_IL

Posted by Mark_IL on February 15, 2002 at 21:18:18:

The first went to sale this morning and the bidders took the price to about 5k over what was owed about 40% FMV. The auctioner asked for more bids, waited and said OK the 2nd bids…(all the bidders groaned), and carried the bidding over 60% FMV with no end in site. The total of the outstanding debts made this a no win for the investors. The 2nd bought the property.

Thanks all for your comments.
Mark

import · February 14, 2002, 11:55pm

Re: HELP! Two Auctions same house. Who Wins? - Posted by JoeKaiser

Posted by JoeKaiser on February 15, 2002 at 24:55:22:

Just make sure it’s the first that’s going off first. There’s nothing sillier than buying a 2nd and thereafter discovering the 1st will be going to sale in out hour. Ouch.

Joe

import · February 14, 2002, 10:06pm

possibly you - Posted by JD

Posted by JD on February 14, 2002 at 23:06:37:

I’ve seen 2nd TD’s get foreclosed off often in similar situations. Once the 2nd TD holder begins their own foreclosure their internal wires often get crossed and they forget about the other foreclosure. Assuming there is no redemption period in IL, once the 1st goes to sale, any subsequent sale that the 2nd TD holds is meaningless.

import · February 14, 2002, 8:43pm

Chances are… - Posted by Tim Jensen

Posted by Tim Jensen on February 14, 2002 at 21:43:15:

The 2nd mortgage holder will bring the first current and have their auction 2 weeks later. Now, if this does not happen, then the 2nd mortgage holde is out of luck, as long as they were served notice of the foreclosure.

Good Luck,
Tim

PS-Feel free to e-mail me.

import · February 14, 2002, 9:17pm

Re: Chances are… - Posted by Mark_IL

Posted by Mark_IL on February 14, 2002 at 22:17:19:

The second was listed in the Lis Pendens and the Auction is at 9am tomorrow. It looks to me that the second will need to bid or their interest will get erased.

Mark