Foreclosure Question For NC Property On A First And Second Mortgage
I am interested in a foreclosure in North Carolina. It has a first and a second mortgage. The first mortgage is scheduled for October 1st and has a opening bid of 32K. The second mortgage is scheduled for October 12th and has a opening bid for 12K. They are being handled by two different law firms.
If I am the successful bidder for the first mortgage, and therefore am in the first position. What happens to the second mortgage sale? Why would I want to bid on this second mortgage? Does it actually go to a sale after the first mortgage has been foreclosed on?
Thanks.
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