Sheriffs sale on 2nd lien - Posted by tim_nm
Posted by tim_nm on April 20, 2006 at 22:47:30:
I have just sold my first foreclosure bought at auction. I am looking for my next project. I have found one, but it appears sticky. There are 2 liens on the property, both owned by BofA, 1st is $50k, 2nd is a HELOC for $100k. The issue is that the 2nd lien holder is foreclosing on the property. If I buy the property at auction, do I still owe the 1st?? Should I just cut and run?? thanks in advance for any advice on this one.