2nd Note Foreclosure
1st note : $179k unpaid
2nd note: $43k unpaid
Total : $222k owed
Conventional Loan
Assessed value: $208k
Texas Foreclosure was done on 2nd note:
Bid Sale price @ $24k was made by the lender. Property is now with the bank's REO department.
What does that mean? Am I at all responsible for the 1st lien? They said the 1st note is under the Loss & Mitigation department of the bank. The bank's law firm mailed me a bill for the 2nd note with a principal balance of $738.94, interest of $0.00, and miscellaneous fees or advances or $0.00). What does this all mean? Am I free and clear after the $738.94 or can they keep going after me?
Bank owns the property. You still owe on the first mortgage. The bank took ownership subject to the first.