If the holder of a 2nd trust forecloses in california, what happens to 1st? Does it have to be paid off in order to take posession or can you take property subject to 1st?
the first must be paid off. no question. if it was the other way around, with the first foreclosing, the second would be wiped out if the second doesnt cure the first.
Generally, the second mortgagee will join the foreclosure action... attend the Sale, and try to have the bidding equal or exceed their minimally acceptable payoff.
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the first must be paid off. no question. if it was the other way around, with the first foreclosing, the second would be wiped out if the second doesnt cure the first.
Generally, the second mortgagee will join the foreclosure action... attend the Sale, and try to have the bidding equal or exceed their minimally acceptable payoff.