Condo Association Foreclosure Question??
If you-all can tolerate another dumb question, here goes...
A condominium Association is foreclosing on a condo for unpaid dues. The condo owner also has a mortgage that he took out in 1999. I know that when a first mortgage is foreclosing, the second mortgage is wiped-out, correct? What happens with the mortgage on this condo when it is sold at auction for the back condo dues? Must the mortgage be paid by the new owner? Thanks!!!
yes - 1st mortgage will survive the condo assoc
sale.