Posted by Todd (MO) on February 26, 2001 at 22:20:33:
Yes you can carry back a second and they get a new first.
Yes you can foreclose if they don’t pay…but you will need to take over first if no one cashes you out at the sale.
Yes if the first forecloses and there is anything left over you will get it. But this is not very likely since the people usually bidding at sales are investors and they know that your position will be wiped out if no one bids. They will not bid beyond the foreclosings position. And if you bid and win, be prepared to cash out the first.