Foreclosure / Trustee Sale
New to this one, not sure how to proceed, or possible pitfalls to it.
Notice in paper reads " Foreclosure sale" . Blank National Bank of Anywhere has published a notice of Trustee's sale on the following:
Lists Address, Date, Time, Place, THEN,
IMPORTANT NOTICE
US GOVT agency has a second mortgage on this property, notice is given to interested parties of the gov's proposed bid:
Est Market Value: $45000
Gov's Proposed Bid: $33000
Interested parties...etc.
Apparently the bank is Senior, Gov is junior. Why is the gov bidding? Gov agent told me I could get it for $33001, but what am I getting?
Am I buying into what is owed on the first or does this buy out the 1st lein, nullifying the second? Why would he tell me that, is that the position of the second lienholder, so then they are recovered?
Hope this was clear, how should I handle it?
Thanks, this is a great site full of knowledgeable people.
ER :-?
Not sure what the why the government would have a second mortgage or bid.
I do know one thing, any time you buy a property at a trustee sale, the second mortgage is never erased. Tax liens are never erased. They stay with the property.
Find out what the first mortgage is. Then find out if the government has a second mortgage, a lien, or a bid on the property.