Foreclosure Help!!
Hello Happy investors:
I need some help. I have just located a foreclosere that will be auctioned off tomorrow. It seems that the foreclosure is from an individual holding a note for 40K. The bid is starting at $61K. What happens to the first when the second forecloses?
Help.
GetRafa
You get the deed but become responsible for the first. Before you bid, make sure the 1st isn't behind as well because if it is and you win you will be responsible for paying the arrears or it will go to foreclosure again and you'll lose the prop. Also in CA payment in full the day of the auction, just an fyi.
How can I find out about the first?
Go to the county clerks office, usually be the location where the foreclosure is taking place. If the prop is in your area. probably need to go to the office in Norwalk. Go before the auction and do a title search on your prop. Make sure you check for any other liens that may be deliquent. Good chance if they are not paying their 2nd, thay aren't paying their taxes either. You become responsible for those also.
Hello,
Thanks for the advice. I will do that in the morning. I pulled a report from online that states the property is owned by a business and they are current on their taxes. The first loan amount say $0.00. But, I find that hard to believe.