First Vs. Second Mortgage
OK, after a title check, we find out that there is a first mortgage ABOVE the second mortgage. The second mortgage is the one being forclosed upon. Do we assume the first if we buy the forclosed property at auction? Both mortgages are held by the same company. Why would they forclose on the smaller second rather than the much larger first? I'm confused. Any help or clarification is appreciated!
Edie
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